Fxw Research: Eu Survey Data Likely to Indicate Ongoing Downturn

Quotes from Standard Chartered:

-On 14 December, flash PMI survey results will be released for Germany, France and the euro area. We expect the PMIs to remain below 50 in December, with the euroarea composite forecast to reach 47.0 from 46.5 (consensus 46.9). This would show the region's economic activity continuing to shrink, but at a lesser pace.

-November's surveys bounced off October's lows, raising hopes that Q4-2012 will be the weakest point in the current cyclical downturn, although in our view we could still see negative growth in the early months of 2013. In a separate release, EU new-car registrations likely continued to fall y/y for the fourteenth consecutive month in November, following a decline of 4.6% y/y in October.