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2026-02-20 17:27:52
[Eurozone PMI Rebounds More Than Expected, Recovery Momentum Continues to Gather] ⑴ Eurozone private sector activity expanded faster than expected in February, with the composite Purchasing Managers' Index (PMI) rising to 51.9, up from 51.3 in January and exceeding economists' expectations of 51.5. This data shows that despite ongoing headwinds, the Eurozone's recovery momentum is strengthening. ⑵ Improvement in manufacturing was the main driver of overall data. The manufacturing PMI returned to expansion territory in February for the first time since mid-2022, ending a three-and-a-half-year contraction cycle. The output index climbed to a six-month high, and new orders also returned to growth, indicating that the recovery in demand is translating into substantial improvements in production. ⑶ The service sector performed steadily. The services PMI rose slightly, although slightly below market expectations, but has remained in expansion territory for several consecutive months. As a pillar of the Eurozone economy, the stable operation of the service sector provides a solid foundation for the overall recovery. ⑷ Price signals are moderate and manageable. Although overall pricing pressures have increased slightly, companies have remained restrained in raising prices. This combination reinforces market expectations that the European Central Bank will keep interest rates unchanged this year, and the balance between inflation and growth has not yet been broken. (5) Overall, the February PMI data released positive signals. If the turning point in manufacturing is confirmed, it will form a dual-engine drive with the robust expansion of the service sector, providing strong support for the Eurozone's economic performance in the first quarter. The market will focus on whether subsequent data can continue this improving trend.
