• PMIs see difficult months ahead

Yesterday's eurozone composite PMI from S&P Global fell to 51.9 from 54.8 with both services and manufacturing slumping much more than anticipated.


  • Asked about reports about the sterilisation of anti-fragmentation purchases, says 'I wouldn't always believe media reports'
  • I expect ECB to reduce balance sheet over the next five years

This is an interesting comment because a recent report said the ECB would be selling German bonds in order to buy periphery bonds in the anti-fragmentation plan.