Eurozone PMI Eases in February

Business growth in the eurozone eased this month but the bloc’s economy continued to expand at a “robust pace”, a closely watched survey suggests.

The latest Markit eurozone composite purchasing managers’ index (PMI) dipped to 52.7 from 52.9 in January. A figure above 50 indicates expansion.

Within the bloc, Germany and France continued to see contrasting fortunes.

German companies saw strong growth, but activity among French firms declined for the fourth month in a row.

Earlier on Thursday, a similar survey in China indicated that the country’s manufacturing sector had contracted for the second month in a row.

The preliminary HSBC PMI survey for the sector fell to 48.3 from January’s reading of 49.5. February’s measure was the lowest for seven months, adding to fears about the strength of China’s economy.

The Chinese data hit Asian stock markets, and also sent European markets lower when trading began on Thursday.

via BBC

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Alfonso Esparza

Alfonso Esparza

Senior Currency Analyst at Market Pulse
Alfonso Esparza specializes in macro forex strategies for North American and major currency pairs. Upon joining OANDA in 2007, Alfonso Esparza established the MarketPulseFX blog and he has since written extensively about central banks and global economic and political trends. Alfonso has also worked as a professional currency trader focused on North America and emerging markets. He has been published by The MarketWatch, Reuters, the Wall Street Journal and The Globe and Mail, and he also appears regularly as a guest commentator on networks including Bloomberg and BNN. He holds a finance degree from the Monterrey Institute of Technology and Higher Education (ITESM) and an MBA with a specialization on financial engineering and marketing from the University of Toronto.
Alfonso Esparza