Here come European services...

It’s services PMI day in Europe.

That means we get a good look at what’s going on in the services sector across the Eurozone, with data from Italy, France, and Germany, as well as from the whole single currency area.

PMI readings give an industry a score between 0-100, with anything above 50 signalling growth, and anything below showing a contraction.

Services across Europe’s biggest economies are all expected to see growth, with Germany and France forecast to hit the same figures as December. Italy is expected to see a slight slowdown from December’s growth.

So far this morning, we’ve already had one set of Services PMI, with Spain hitting 54.6, a 0.1 point beat on economist forecasts, but a slight fall from December’s 55.1 score.

On Monday, Europe’s manufacturing PMIs disappointed, with France’s manufacturers stagnant in January, and Italy seeing a big fall in output. Greece also disappointed, while Germany just about beat expectations, scoring 52.3, instead of the expected 52.1.

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