Gavekal Capital: France: Business Confidence

Monday, November 25, 2013

France: Business Confidence

In contrast to a predicted deterioration, France's survey of confidence among manufacturers managed to remain unchanged in November:

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And this is perhaps not surprising, given that Industrial companies in MSCI France have led all other sectors in performance over the last four years:

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But is momentum in this group beginning to falter?

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Looking at the details in the survey, the forward-looking components are worse than their respective long-term averages and paint a more troubled picture than the headline number might imply:

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