The Euro-Zone January manufacturing PMI was revised marginally lower to 34.4, from 34.5 reported initially. This is still up from 33.9 in December. Of the big four Euro-Zone countries only Germany reported a dip in sentiment and while the overall Euro-Zone reading still remains firmly below the 50 point no change mark, thus pointing to ongoing contraction in Euro-Zone activity, data still give some hope that confidence is starting to bottom out.

Meanwhile, the German manufacturing PMI was confirmed at 32.0, unchanged from the preliminary reading and down from 32.7 in the previous month. The French reading was revised down to 37.9 from 38.1 reported initially, but this is still markedly higher than the 34.9 in December. The Italian PMI also improved, to 36.1 from 35.5 in December. Expectations had been for a decline in confidence, so data were better than expected and with Spanish sentiment also improving at the start of the year, the Euro-Zone number is also likely to confirm the improvement reported with the preliminary number.