Euro Area's November flash PMIs likely to show resilience

Euro area's Purchasing Manager's Flash Index for October stood at 52.3, and in November the flash PMI on a cosnsensus is expected to be same as in last month. 

"We don't expect much change in the flash November figure, with our models suggesting a fall by one tick to 52.2. Services should remain unchanged from the previous month at 54.1", estimates Societe Generale.

The economic activity in Euro Area is likely to stay firm through coming quarters. The recovery in global trade is still awaited as there is a lag in manufacturing sector, although overall picture shows resilience in Euro area.

"On a country-by-country basis, we see the manufacturing PMI in France increasing from the low base of 50.6 to 50.9. The French services PMI should increase one tick to 52.8, continuing the momentum shown by the upward revision to the previous flash estimate", added Societe Generale. 

There is room for improvement, when compared with other national confidence indicators like INSEE. Germany's manufacturing PMI and services PMI are likely to slip down.