flash reading. c:,. ,1 Mr -,
• SIREN•Surprise remained close to its IS-month low. SIREN-Surprise is Sane we Mg 24
significantly more volatile than its sister momentum index ... provided an early signal. That, said, SIREN-Surprise remains well
above the levels in the 2008 and 2012 recessions as shown in Fig. 3.
Fig.2: SIREN-Momentum - Is the euro ... area economy IFig. 3: SIREN-Surprise - Is euro-area growth faster or
accelerating or decelerating? (BBG: DBSKMEA Index)• Islower than expected? (BBG: DBSFISEA Index)"
2
En:went/ay weighted SterideresSed