Bond strategists said the reflation trade evident in U.S. markets would likely be less pronounced in the euro area, where inflation was likely to be further depressed by weak economic activity, given renewed restrictions to contain the coronavirus. IHS Markit's final December Composite Purchasing Managers' Index, seen as a good gauge of economic health, rose to 49.1 from November's 45.3 but was below a flash reading of 49.8. "We find it hard to justify further rises given the lack of a Fed-style commitment to let inflation run above the previously understood target from the European Central Bank."