Manufacturing in the Eurozone started 2017 with a bang yesterday after figures showed the biggest ramp-up in production across the bloc for five years.
The purchasing managers’ index (PMI) data for Eurozone factories reached 54.9, comfortably above the 50 mark that separates growth from contraction.
The data revealed PMI readings improved in all nations covered, with growth being strongest in the Netherlands and Austria. PMI indices hit a near three-year high in Germany, an 11-month peak in Spain and a 67-month record in France.
With widely attributing much of the upturn in demand to the depreciation of the euro, the strong end to 2016 is encouraging news.
The UK high street experienced disappointing sales figures last weekend as figures showed footfall fell nearly 13 per cent nationwide while in shopping centers it slumped by a massive 50 per cent.
Analysts attributed this to the recent poor weather, an early December spending spree and bank holiday trading hours; which deterred shoppers from venturing outdoors on New Year's Day. Another analyst pointed to the growing trend of online shopping because of the ease and comfort of online shopping proving too enticing for shoppers keen to snap up further discounts in the sales rather than bracing the cold outdoors.
09:30 - GBP - Manufacturing PMI is forecast to marginally decrease to 53.3
15:00 - USD - ISM manufacturing PMI is expected to increase to 53.7