Quotes from Societe Generale:
- After a significant rise in November, the business confidence index for the manufacturing sector is expected to decrease slightly from 99 to 98 in December while the business confidence index for the whole economy is set to remain unchanged. On a positive note, lower oil prices and a weaker euro are expected to have given sentiment a boost. On the other hand, recent social unrest among business leaders testifies that policy uncertainty remains high and that French business managers are still unconvinced about government policy.
- On top of that, the deregulation bill unveiled by economy minister Macron last week is unlikely to be approved before it is significantly watered down and the government could have to back track on many measures in our view. We believe that there are not enough positives to offset domestic headwinds materially.
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