Singular Bank | According to preliminary readings, the Eurozone manufacturing PMI rebounded to 50.8 points in February (compared to 49.5 points in January), exceeding analysts’ consensus estimates (50.8 points) and reaching its highest level since June 2022. At the same time, the services PMI rose slightly by 0.2 points to 51.8 points. Given this development, the composite PMI rose to 51.9 points (compared to 51.3 points in January), explained by the increase in production in the manufacturing and services sectors. For their part, the performance of leading indicators in the main Eurozone countries has been mixed:
In Germany, the manufacturing PMI rose to 50.7 points, entering expansionary territory for the first time since June 2022 amid greater momentum in the sector.
Meanwhile, the services PMI rose 1.0 points to 53.4 points, reaching its highest level in four months. Against this backdrop, the composite PMI reached 53.1 points (compared to 52.1 points in January) in a context of improving demand, growth in new business and a boost in foreign sales.
In France, the manufacturing PMI fell to 49.9 points (compared to 51.2 points in January), entering contraction territory and reaching its lowest level in three months. In contrast, the services PMI rebounded to 49.6 points (compared to 48.4 points in January). Against this backdrop, the composite PMI stood at 49.9 points (compared to 49.1 points in January), remaining in contraction territory. This performance can be explained by the deterioration in demand and new orders, with a notable decline in exports.
