FRANCE DATA: Bank of France (BoF) Business Survey..
– Manufacturing Sentiment Indicator (MSI): Bbg Consensus: 85; Prev (Feb): 96
– Services Sentiment Indicator (SSI): Prev (Feb): 96
– Construction Sentiment Indicator (CSI): Prev (Feb): 104
– The MSI is expected to decline sharply in Mar with markets pencilling in a
decline to 85, which would mark the lowest reading since May 2009.
– The index has been trending lower since Sep 2019 before it fell to 96 in Feb
with the report noting firm’s concerns regarding the coronavirus.
– The survey period was Feb 26 to Mar 4 for the Feb results, suggesting that
Mar’s survey period began at the end of Mar and ended at the beginning of Apr.
– France went into lockdown in mid-Mar presumably until at least Apr 15.
– Insee’s business sentiment showed the biggest drop on record in Mar, with
service sentiment and retail trade confidence showing severe declines.
– The country’s services PMI plummeted in March, showing the largest contraction
on record, while the mfg PMI revealed the sharpest downtick since Jan 2013.