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Analysts at Australia and New Zealand Banking Group (ANZ) provide a quick analysis of the PMI reports released last Friday on both sides of the Atlantic.

Key Quotes:

“UK January composite PMI rose to 52.4 from 49.3; manufacturing rose 49.8 from 47.5. Although the lift in UK PMI data is encouraging, inflation continues to drift away from target.

Euro area PMI data improved across the board with new orders and future output sub-indices picking up sharply, corroborating other surveys that reduced uncertainty is supporting the outlook. The composite PMI was unchanged at 50.9; manufacturing rose to 47.8 from 46.3. The German manufacturing PMI rose to 45.2 – the highest level since February 2019. All sub-components rose, with particular strength in forward indicators.

The US January composite PMI rose to 53.1, its highest level since April last year. Manufacturing was a touch softer at 51.7 from 52.4, while services picked up to 53.2 from 52.8. The vast majority of the US economy is performing well.”