We kick off three hours with the euro son Flash Services pmi, 5. 7. A little weaker than consensus. Lowest since july 2009. Business expectations 48. 6. Manufacturing manufacturing pmi 46. 2. Composite pmi as a result 45. 8, which is pretty him bang in line with the reuters poll. So Service Sectors worst since july 2009, decline in manufacturing eased a little bit more than expected in november. Joining us, chief european economist. Ricar ricardo, thanks for joining us. So still a negative territory. What does this point to in terms of the economic decline for the Fourth Quarter . I think its in line with the idea that real sgchlt dp will decline by at least 0. 2 , possibly 0. 3 . It will give us a negative entry point in 2013 when i expect an average growth of minus 0. 2 . So still moderately recession territory. The german flash composite pmi 47. 9, services 48, manufacturing 46. 8, is germany we just saw the 0. 2 print. Is girl aermany going to have a negative contract . Im looking
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