Prior 43.3Services PMI 47.6 vs 49.5 expectedPrior 49.3Composite PMI 47.1 vs 47.8 expectedPrior 47.4Similar to the French report, there is a beat on the manufacturing index but the services index came in worse than estimated. At the balance, it leads to a further downturn in the German economy. Looking at the details, price pressures remain stubborn and resistant - particularly in the services sector. And that could pose a bit of a problem to the ECB in managing rates expectations in the months ahead. HCOB notes that:"Germany has faced a sluggish start to the new year. Services activity has not only declined for the fourth consecutive month but has also accelerated in its downturn. Manufactur
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