“It’s the first important sentiment indicator released in the eurozone since Donald Trump’s ‘Liberation Day’. Judging from the headline number, the damage so far looks limited, even though there are some striking discrepancies. Eurozone businesses are seemingly still digesting the full implications of Donald Trump’s ‘Liberation Day’, and the last few weeks of tariff announcements and reversals. At first glance, it looks like trade tensions fully wiped out the tentative return of optimism in the eurozone. At second glance, however, the picture that today’s PMIs are painting is more complicated.”
Morten W. Langer
