Primarily, we suspect this is an oil price-induced global downturn that is hitting export growth. Secondly, there has been some evidence of demand cooling in China.
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That's great for corporate profitability. It will cause concerns for the European Central Bank, however.
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Things are very much dependent on exports at the moment and the euro may hold the key to Italy's performance.
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Especially given the height of the output and order book indicators, you would be hoping for a stronger (employment index) number than that.
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Without Germany seeing its improvement in growth, we would have seen a much stronger downturn (in the euro zone index),
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