News on the euro area economy continued to be mixed this week as euro composite PMI, German ZEW and euro consumer confidence all fell a bit short of expectations. The euro surprise index has thus moved lower still. Earlier this month German data for retail sales, manufacturing orders and industrial production showed the economy losing some momentum at the end of Q1.“While Europe was the good news in the first part of the year, we believe we are starting to witness a rotation in growth across regions. We thus look for euro area growth to cool a bit in the short term, while the US and China are expected to recover from the hole in Q1.” said Danske Bank in its report
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