Eurozone services PMI likely to increase in November on upbeat business outlook

Services sector in the eurozone is expected to have risen during the month of November, following upbeat business outlook in the common currency zone. The euro area’s services PMI for Germany and France is scheduled to be released today.

The figures for October were strong and for the manufacturing PMIs a solid order-inventory balance, although not as strong as September - still signals an increase in the manufacturing PMI. For the service PMIs, the future business expectations index from October suggests an increase in the figure in November.

Further, in Norway, focus will be on the oil investment survey, given the uncertainty about how investment will have been affected by the recent stabilization in oil prices. However, as most projects in the Norwegian sector have breakeven prices outside of the USD40-60/bbl range, the recent price movements within this interval should not have much effect on investment levels.

Meanwhile, UK Chancellor Hammond is due to make the autumn statement to parliament, which could point to weak fiscal developments in the UK, limiting fiscal stimulus options.