“The conflict in the Middle East is denting sentiment in Europe. We think the economic — and more specifically the inflation — outlook depends on how long oil and gas prices remain elevated and on whether those price effects spill over into other parts of the economy.”
The Eurozone March PMI survey fell during the previous month, indicating businesses are getting worried about the Middle East conflict.
The composite PMI remained above the 50 expansion threshold, but it was the lowest in the past ten months.
Robust household savings, combined with new policy measures, should help cushion the economic impact across Europe.
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