A boost in new orders helped Germany's manufacturing sector return to growth in December, according to PMI data out Friday. ETX Capital Head of Trading Joe Rundle says despite Germany's strength, there will be worries about the divergence between it and the rest of the euro zone and the fact that the euro zone needs stimulus.

SHOWS: LONDON, ENGLAND, UK (JANUARY 2, 2015) (REUTERS - ACCESS ALL)

1. SLATE, READING (English): 'WHAT IS YOUR REACTION TO TODAY'S PMI NUMBERS?'

2. ETX CAPITAL, HEAD OF TRADING, JOE RUNDLE, SAYING:

'Well I think they are showing encouraging signs. I guess the redeeming factor here is that Germany is above 50 which is a good sign. I think Germany is probably the only thing holding the euro zone together but I think it is probably masking a bigger issue here and the divergence between Germany and the rest of the euro zone and the fact that they are going to have to do more to stimulate the euro zone.'

3. SLATE, READING (English): 'DRAGHI IS WARNING THAT THE ECB IS LESS ABLE TO MAINTAIN PRICE STABILITY. IS THIS A REAL CONCERN OR IS HE TRYING TO TALK DOWN THE EURO? HOW LOW CAN THE EURO GO?'

4. ETX CAPITAL, HEAD OF TRADING, JOE RUNDLE, SAYING:

'Well I think he certainly wants a weak euro and that is what he is trying to do. I think being honest the ECB have run out of options. Quantitative easing or full blown sovereign QE seems to be in the distance at the moment with the political ramifications of it. So without that he doesn't really have many tools so I think probably without the ability to talk down the euro, the euro zone will have to go to the brink again before Germany mandates a full-blown QE programme and that is going to be very damaging for the markets.'

5. SLATE, READING (English): 'EURO ZONE FLASH INFLATION FIGURES ARE DUE NEXT WEDNESDAY. COULD WE SEE THEM TURNING NEGATIVE?'

6. ETX CAPITAL, HEAD OF TRADING, JOE RUNDLE, SAYING:

'Yeah I think there is a very real possibility that we are going to see negative inflation rates in the euro zone. Especially with the fall in oil prices we have seen here. I mean that should be good and give a slight benefit to GDP in the euro zone but it is going to push deflation higher up and that is the main talking point at the moment.'

7. SLATE, READING (English): '2014 SAW A BIG SLIDE FOR THE THE AUSSIE, KIWI AND THE LOONIE, AMONG OTHERS, AND OF COURSE, THE ROUBLE. ARE MARKETS FACTORING EVEN MORE DOWNWARD PRESSURE FOR THIS YEAR?'

8. ETX CAPITAL, HEAD OF TRADING, JOE RUNDLE, SAYING:

'Well I think you probably have to split the rouble away. I think the rouble is in its own bubble in essence. It has the sanctions which are really driving that on top of the commodity prices so I think Russia is in for a rocky ride regardless of what commodity prices do and I think the economy is going to go into a significant slowdown. I think commodity prices will probably bottom out around here and you will find a new base for the rest of the currencies at these levels although there will be some volatility as OPEC and other commodity producers try and tweak prices.'