Yesterday’s euro composite PMI reading at 50.2 in January was the first since June indicating expansion – bolstering more optimistic expectations that a recession may be avoided. The UK’s composite PMI at 47.8 was more downbeat, pointing to a sharp loss of momentum in the services sector due to subdued consumer spending. However, the euro area and UK PMI surveys both registered a marked rise in business sentiment in January on hopes for an improved global economic outlook in 2023.
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