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The Weekly Brief

Contributor Global Markets Insights Strategy Team

The eurozone economy is in good health, fuelled by a broad based recovery in the region.

As measured by the PMI (Purchasing Managers’ Index) surveys, expectations of economic activity picked up in November across Germany, France, Italy and Spain. Historically, the eurozone Composite PMI has been a good leading indicator of GDP growth, which is currently 2.5% year on year. The Composite PMI increased to 57.5 – a level that has historically been consistent with GDP growth staying above 2%. The healthy and synchronised nature of growth in Europe should continue to be supportive of corporate earnings, and thus European equities, over the coming months.

Eurozone growth is supported by healthy PMI’s
Index level (LHS); % change year on year (RHS)

Source: Bloomberg, Eurostat, Markit, J.P. Morgan Asset Management. Light grey columns indicate recession. Data as of 8 December 2017.

The Weekly Brief (11 December 2017)

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