While we assume that the ECB has stepped up its bond purchases under the PEPP this week, bond market moves have provided little reassurance that the Bank is determined to squash any rise in yields. Meanwhile, rising case numbers and strains on healthcare systems in a number of euro-zone countries has resulted in tighter restrictions, with parts of France entering a four-week lockdown from tonight. Next week sees the first of the surveys for March, which will show that activity remained weak at the end of Q1.
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