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A sigh of relief in the Euro area this Thursday as PMI figures show the overall level of manufacturing output has increased to 50.7. Most of this is down to Germany which has beaten expectations and bounced back after its disappointing summer to 51.8. Saxo’s Mads Koefoed believes there was an over-reaction to the poor data coming out of the country in August. He points out that the unemployment rate is low while real wages are growing and the debt level is relatively low.
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