Amid sluggish growth in Europe, both financial markets and investors risk missing the key theme since last year. To learn what lies ahead for Europe's economic growth, the January's Purchasing Manager Index (PMI) detailed data, which is the most followed leading indicator of economic output and business conditions, has been unveiled today. At a time when Germany, Europe's largest economy, has become the continent's laggard, we identify the key European theme for markets and investors to pay attention to in the short-medium term.