Surveys do little to dispel gloomy outlook

The economic surveys this week suggested that the euro-zone economy held up better in the face of the coronavirus than had been feared. But the detail of the PMIs still showed that the virus had taken a toll on the region’s manufacturing sector and the downside risks to the outlook have not receded. Next week will bring yet more surveys, giving us a clearer picture of how the region’s economy fared in February, as well as speeches from ECB policymakers offering their diagnoses.