FXStreet (Delhi) – Jim Reid, Research Analyst at Deutsche Bank, suggests that on a bigger scale and assuming no change in December, the composite PMI suggests euro-area output growth of 0.5% qoq in the last quarter of 2015, largely ahead of current market expectations. Key Quotes “The main focus of yesterday’s data was on the November flash European PMI’s. In particular, there was a new cyclical high reached for the Euro area composite at 54.4 (vs. 54.0 expected) which was up half a point from October. This was supported by equal +0.5pt gains for both the manufacturing (52.8 vs. 52.3 expected) and services (54.6 vs. 54.1 expected) components, while our European economics colleagues noted that sub-indices for composite new orders and employment rose to the strongest levels since May 2011.” “Meanwhile regionally, there was a positive surprise in Germany where the composite was up +0.7pts to 54.9 (vs. 54.0 expected) after being boosted by services, however in France the composite nudged down 1.3pts to 51.3 (vs. 52.5 expected) which is a reflection of a decline in the services activity, most likely impacted by the terror attacks.” “Our colleagues note with the composite PMI average of the big two countries virtually flat on the month, the flash PMI’s imply that on average Italy, Spain and Ireland rose by just over a point in November. Importantly, the PMI surprise would likely have a negligible impact on the ECB decision in December.” For more information, read our latest forex news.