This is not helping the market today: PMI Services reports are coming in ugly across the Eurozone.
Markit has a great rundown of the results, which basically go like this.
- Italy is down to 44.1 vs 44.8 in January, for its 9th straight month sub-50 (indicating contraction).
- Spain has fallen to 41.9 vs. 46.1 in January. That’s a horrible number.
- French PMI is right on the even line at 50.0 vs. 52.3 in January.
- Germany is still nicely positive at 52.8, but that’s down from 53.7 in the previous month.
This charts from Markit puts together the composite PMIs across Europe against GDP. As you can see, the trend is down.