| Time | Country | Event | Period | Previous value | Forecast | Actual |
|---|
| 07:00 | Germany | GDP (QoQ) | Quarter III | -0.3% | 0.2% | 0.1% |
| 07:00 | Germany | GDP (YoY) | Quarter III | 0.1% | -0.2% | -0.3% |
| 07:00 | United Kingdom | Retail Sales (MoM) | October | 0.1% | -0.3% | -0.7% |
| 07:00 | United Kingdom | Retail Sales (YoY) | October | 3.2% | 3.4% | 2.4% |
| 08:30 | Germany | Services PMI | November | 51.6 | 51.6 | 49.4 |
| 08:30 | Eurozone | ECB President Lagarde Speaks | | | | |
| 08:30 | Germany | Manufacturing PMI | November | 43 | 43 | 43.2 |
| 09:00 | Eurozone | Services PMI | November | 51.6 | 51.6 | 49.2 |
| 09:00 | Eurozone | Manufacturing PMI | November | 46.0 | 46.0 | 45.2 |
| 09:30 | United Kingdom | Purchasing Manager Index Services | November | 52.0 | 52.0 | 50 |
| 09:30 | United Kingdom | Purchasing Manager Index Manufacturing | November | 49.9 | 50 | 48.6 |
EUR fell against other major currencies in the European session on Friday as investors reacted to the Eurozone’s flash PMI reading, which showed an unexpected contraction in the region’s private sector business activity.
S&P Global reported that the preliminary estimates revealed the composite Purchasing Managers’ Index (PMI) dropped to 48.1 from 50.0 in October. The November reading indicated that business activity in the euro area’s private sector returned into contraction territory after being unchanged in October and represented the sharpest decline since January.
The renewed shrinkage came as business activity in the service sector reduced for the first time in ten months, while contraction in the manufacturing sector deepened compared to the previous month.
The results disappointed economists, who had predicted no change in the Eurozone’s general business activity.
The weaker-than-expected November flash PMI report prompted markets to heighten bets on an outsized rate cut at the European Central Bank’s December meeting. According to Bloomberg, they now see a 50% probability of a 50-basis-point rate decrease in December compared to 15% at Thursday’s close.