In the euro area, focus today will be on the euro area PMIs for April.
In focus today The previous months' PMI s have shown a return of the two-speed economy with the service sector in expansionary territory and manufacturing sector stuck in contraction. We expect that service PMI s will remain above 50 as rising real wages and a strong labour market are supporting activity.
The weak consumer confidence is likely one of the reasons for the still weak private consumption and declining consumption share. However, confidence is moving upward and is now at the highest level since February 2022. As economic fundamentals for households are decent, we expect private consumption to tick up during the year. The Oil marketremained calm yesterday as news of new sanctions from the USA against Iran's oil sector was absorbed.
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