Euro PMIs: Details better than the headline figure
The euro area composite PMI improved only slightly in January. The details of the report, however, paint a more encouraging picture, and the forward -looking indices of the survey point to a (moderate) pick-up in economic momentum in the coming months. One worrisome aspect of the survey is a sharp rise in “delivery times”, suggesting that geopolitical tensions are star t ing to be felt by the euro area corporate sector.