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3/4, 10:01 AM (Source: TeleTrader)
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Euro area composite PMI rises in February

Eurozone Composite Purchasing Managers' Index (PMI) for February increased to 51.6, reaching a 6-month-high, a report published by IHS Markit on Wednesday showed. The number was in line with estimates and higher than January's index which was 51.3. Meanwhile, the final Eurozone Services Business Activity Index declined by 0.1 points month-on-month to 52.6 in February.

The composite PMI data was mostly influenced by strong services and a slower contraction in manufacturing production which decreased at the slowest rate since May last year.

Chief business economist at IHS Markit, Chris Williamson, stated: "The eurozone economy showed resilience to disruptions arising from the coronavirus outbreak in February, but dig deeper into the data and there are signs that problems lie ahead."

Breaking the News / VP