MondayThe New Zealand Services PMI for November jumped back into expansion:Services PMI 51.2 vs. 49.2 prior.BNZ Senior Economist Doug Steel:“Despite November’s lift, the PSI remains below its long-term norm of 53.5. And the combination of contracting activity/sales and rising inventories raises questions about the sustainability of the nudge higher”.The German IFO Business Climate Index for December missed expectations across the board:German IFO 86.4 vs. 87.8 expected and 87.2 prior (revised from 87.3).Current conditions 88.5 vs. 89.7 expected and 89.4 prior.Expectations 84.3 vs. 85.9 expected and 85.1 prior (revised from 85.2).ECB’s Vasle (hawk – voter) pushed back against t
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