rm yet IThe Week Ahead: Euro area • In the euro area, market focus will be on the advanced print of O4-15 GDP in the euro area, Germany and Italy. SIREN-Momentum continues to point to high 0.4% qoq for euro-area Q4 GDP. Surveys point to 0.5% while hard data are less optimistic. Our forecast for O4 GDP growth

and surprises (Fig. 7) across quarters by summing news based on reference dates. With the advanced estimate of Q4-15 GDP scheduled for next week. SIREN-Momentum continues to point to high 0.4% qoq for euro O4 GDP. Surveys point to 0.5% while hard data are less optimistic. Our forecast for O4 GDP growth is re

nentaly weighted standardised 3-month supnses -5 12EllgittEliTifSta Jan-08 Jan-08 Jan-I0 Jan -12 Jan-I4 Jan -16 Key monthly contributions to SIREN-Momentum (Fig 4) and to SIREN-Surprise (Fig. 5)" 84.2 fik* Il III •: 1- Went he 005 81e:' .5:e 0.00 4.os __MI 4.10 4.15 EA Ger It. EA EA Ger I