Activity growth looking strong in the French PMI (purely in services, with manufacturing slightly missing expectations). There also appears to be less price pressures and less passthrough to prices charged too. The ECB will probably be more focused on the fall in price pressures here rather than the upside to activity.

• "Supporting faster activity growth was a rejuvenation in demand, as seen through an expansion in new orders for the first time since mid-2022."
• "A cooling of price pressures was also recorded in March, with rates of input cost and output price inflation slowing to 18- and seven-month lows respectively amid receding supply-chain frictions."
• "Prices charged for French goods and services continued to rise sharply during March. Where an increase in charges was reported, this was linked to higher interest rates and the passthrough of hikes in costs to customers. That said, the rate of increase was the slowest since August 2022."