Final euro-area manufacturing PMI to confirm the flash estimate

The final euro-area PMI release should confirm the flash estimate of 51.9 in March and thereby reflect a significant increase compared to February (51.0).

Such a PMI level in the manufacturing sector points to GDP growth of 0.4%, in line with the forecast for Q1 15. Looking at the regional breakdown, the French PMI decreased dramatically in January (from 49.2 to 47.6) and seems to be lagging since then.

"we expect a small upward revision (from 48.2 to 48.4) for the French manufacturing PMI which should continue to recover gradually over the next months. The Italian and Spanish PMIs are also set to increase slightly thanks to lower oil prices and the weaker euro", Said Societe Gererale in a report on Wednesday