Bankinter : Eurozone Services PMIs (final) have been revised slightly downwards, with the exception of Germany. These indicators have had little impact on the market and reflect what was known already. Services PMIs, which account for around 2/3 of GDP, remained comfortably in the expansion zone (>50 points), reflecting the strength of consumption in Europe
In particular, the services PMI was revised down by four tenths to 56.2, which lowered the composite PMI by three tenths to 54.1. In Spain, composite 56.3 ( versus 58.2 previously) and services 57.9 (versus 59.1 previously), and Italy, composite 55.3 (versus 55.2 previously) and services 57.6 (versus 57.0 and 55.7 previously). France, composite 52.4 (versus 535.38. preliminary and 52.7 previous) and services 54.6 (versus 56.3 preliminary and 53.9 previous), Germany, composite 54.2 (versus 53.9 preliminary and 52.6 previous) and services 56.0 (versus 55.7 preliminary and 53.7 previous).
On the other hand, Industrial Prices (Mar) decelerated in line with expectations to +5.9% (year-on-year) versus +13.3% preliminary (revised from +13.2%). Month-on-month, -1.6% versus -1.7% expected versus -0.4% (revised from -0.5%).
OPINION: Data are for March, which explains the sharp falls in the indicator and in line with what the March CPI showed. The slowdown in the price indicator was explained by the influence of the base effect, as the rebound was +5.3% (month-on-month) in March 2022. All in all, a positive reading of the data, although with a limited impact as it is for March.
