Photographer: Balint Porneczi/Bloomberg

Will Brexit Steal Christmas for the Euro Zone?

Full order books could shield euro-area manufacturers from impact of U.K. referendum for another four months
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This Christmas season will be about more than just gifts and candy - it could be the time when the economy starts to show how badly it was hit by Brexit.

So far, euro-area manufacturers have been unfazed by the U.K.'s vote to leave the European Union - economic sentiment unexpectedly improved, a survey of purchasing managers signaled a pickup in activity going into the third quarter and unemployment keeps declining.

One reason for their optimism may be order books. Roughly speaking, companies have another four months' work to fulfill current orders. That's two weeks longer than the average since 1990, according to data by the European Commission. In the 28-member European Union, the backlog exceeds the long-term trend by more than a month. 

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