As tensions in the Russia/Ukraine conflict are easing, economic data will likelyget some more attention again. Service PMIs will be released in most countriestoday. In the euro area, Spain and Italy will be in focus as flash estimates havealready been released for Germany and France. We look for a slight decline in bothSpain and Italy. The UK services PMI is still at a high level and expected to onlyshow a small decline from 58.3 to 58.0.
In the US, the ISM non-manufacturing is expected to fall slightly from 54.0 to53.4. Keep an eye on the employment index which is a good indicator of labourmarket developments in the service sector where 80% of the jobs are. Notably ADPemployment is also released today: this has generally proven a more stable indicatorthan the official non-farm payrolls (due this Friday) and hence may be a betterindicator of the true state of the labour market. Consensus looks for some moderationfrom 175k in January to 158k in February. Finally, Fed publishes the Beige Booktonight.
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Danske Bank