November Services PMI readings from major European economies remained in contractionary territory while Spain’s Services PMI returned into expansion, rising to 51.2 from 49.7.
European Central Bank policymaker Makhlouf said that the ECB should announce at least a 50-bps rate hike at the conclusion of the December meeting. ECB policymaker Centeno said that the inflation peak could be reached in Q4 while France’s Finance Minister Le Maire said that reaching the inflationary peak could take “some months.”
S&P affirmed France’s AA rating but lowered the outlook to Negative from Stable. Meanwhile, Moody’s affirmed France’s AA rating and maintained a Stable outlook. Fitch affirmed Spain’s A rating with a Stable outlook.
Eurozone’s October Retail Sales -1.8% m/m (expected -1.7%; last 0.8%); -2.7% yr/yr (expected -2.6%; last -0.6%). November Services PMI 48.5 (expected 48.6; last 48.6). December Sentix Investor Confidence -21.0 (expected -27.6; last -30.9)
U.K.’s November Services PMI 48.8, as expected (last 48.8)
Germany’s November Services PMI 46.1 (expected 46.4; last 46.5)
France’s November Services PMI 49.3 (expected 49.4; last 51.7)
Italy’s November Services PMI 49.5 (expected 48.3; last 46.4)
Spain’s November Services PMI 51.2 (expected 50.5; last 49.7)