We have the provisional PMI for the whole of Europe, for June, which had a tiny uptick, and has been flat for a couple of months. This might suggest that the end to the European slowdown is in sight. I don't think it is, because monetary policy hasn't shifted and fiscal policy is constrained. On the other hand, the Euro has fallen against the US$, and that will provide some stimulus, with a delay (that fall has recently stopped).
The fit between the Austrian and pan-European PMIs isn't exact, but its continued decline is a pointer towards a further slide in Europe's economy.
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