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Europe's PMI Readings For November Are Coming Out Right Now

Mike BirdDec 3, 2014, 13:48 IST

Eurozone services PMIs are rolling out this morning: PMIs are major business surveys that try to give a hint at how an economy is performing, months before hard, official data comes out.

This is some of the last major data before the European Central Bank's decisions and president Mario Draghi's press conference on Thursday. If they're weak, they're going to heap more pressure on the ECB to ease their policies.

Any figure over 50 signals growth, while anything under 50 hints that the services sector is shrinking.

First out of the blocks is Spain: November's PMI is down to 52.7. That's the lowest in a year, down from 55.9 last month, and way lower than the 55.2 that was expected. Not a good start.