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Eurozone flash PMIs decline as re-opening momentum fades
Eurozone flash PMIs decline as re-opening momentum fades

Looking at the implications of a negative surprise in today’s Eurozone flash PMI data. Markets seem to be taking it fairly well. 

Mild hawkish surprise: ECB slows the pace of PEPP purchases
Mild hawkish surprise: ECB slows the pace of PEPP purchases

The ECB’s mild hawkish lean could now be setting it on the path to normalisation, but the move will still likely be glacial.

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