Here come Europe's manufacturing PMIs...

Merkel HollandeREUTERS/StringerFrench President Francois Hollande with German chancellor Angela Merkel.

Europe’s manufacturing PMI business surveys are rolling out early Monday, and we’ll have them here as they’re released.

Remember, anything over 50 means growth and anything under signals contraction.

Here’s the scorecard so far:

  • Spain: 54.2 (55.1 expected, 54.7 in December)
  • Italy: 51.9 (50.3 expected, 49.9 in December)
  • France: At 8:50 a.m. GMT
  • Germany: At 8:55 a.m. GMT
  • Eurozone: At 9 a.m. GMT

Here’s Emily Nicol at Daiwa Capital Markets on what else is coming up from Europe this week:

Expect further detail to be unveiled on the ECB’s QE programme, for which we expect purchases to start next week. Updated forecasts will also be released, with the GDP growth outlook likely to be revised up but the inflation outlook likely revised down, underscoring the likelihood that QE will be maintained at least for the coming eighteen months.

It’s now March, when the ECB said QE purchases would start. Markets will be looking out for exact maturities and the precise start-date of the programme.

Emily Nicol goes on:

And, keen to avoid a Greek crisis as early as this month, it is also possible that the Governing Council will reinstate the waiver to accept that country’s bonds as collateral in its refi operations.

That might bolster Greek markets this week. The ECB stopped accepting Greek government bonds as collateral for new lending when it looked ike the new government would refuse to continue its bailout agreement, so many analysts are expecting that to be reinstated now that it’s continuing.

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