Analysts at TD Securities think that Germany's manufacturing PMI can bounce a bit higher again in December, though with a smaller improvement than the outsized 2.0pt gain last month.

“We look for the PMI to rise to 45.0 in December (mkt 44.6), which would be its highest print since June, though crucially still well below the 50 mark. For France, we expect the services PMI to slip from 52.2 to 51.5 (mkt 52.1), as the strikes across the country weigh on sentiment.”