| French INSEE business climate deteriorates to February 2010 level |
| 16.12.11 10:04 | |
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The French business climate index decreased slightly from 93 in November to 92 in December. The indicator remains below its long-term average (100) for the fourth consecutive month. The Q4 average Insee business confidence index declined to 93 from 101 in Q3. Similarly, the French composite PMI index (including the PMI 'Flash' figures for December) decreased to 48.1 from 52.4 in Q3. We continue to expect a slowdown in the coming months, like in the eurozone as a whole. This is also in line with our view that we will see little growth in France in Q4 (-0.2% q/q), as the sector will feel the pinch from less favourable global economic conditions as well as fiscal tightening. source: BarCap |
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