Fx trading news: Euro zone service PMI final value in February is worse than expected!

 

2020-03-05 11:51      from:CAPSTONE    author:Jack

Capstone forex trading news:The final February PMI value of the services sector in the Eurozone announced at 17:00 on March 4th (Wednesday), announced value: 52.6, previous value: 52.8, forecast value: 52.8
 
The Eurozone ’s February service sector PMI fell short of expectations. Economic data for February showed that the euro area showed resilience in the face of the new crown virus outbreak, but further study of the data can still reveal signs of problems. The overall expansion rate has picked up slightly, largely due to the rise in domestic demand and the promotion of service industry activities, accompanied by signs of slowing down in the manufacturing industry. However, the decline in exports of goods and services is accelerating due to declining demand due to viruses and increasing delays in delivery that threaten future production. In the service sector, including tourism, transportation and even financial services, they have been hit by the spread of the virus.
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ItMarkit Chief Business Economist Williamson said: Although the PMI data so far suggest that the first quarter GDP will increase by 0.1% -0.2%, there are now significant downside risks and may weaken the March economic performance.
 
In Germany, the data shows that the epidemic of new crown pneumonia has a clear and direct impact on the needs of foreign customers. However, the German domestic market appears to be holding steady, helping the service industry achieve further growth, albeit at a slower pace. However, given the spread of the new crown virus to all parts of the world, including Germany, and the reaction of financial markets, Germany's domestic rebound toughness is expected to be broken. There are some signs of weakness in the labour market.
 
On the French side, although manufacturing output has limited growth, French service providers have provided the impetus for private sector growth. Comprehensive output increased in January and February, and the French economy gradually recovered from the contraction in the fourth quarter of last year. The improvement in the service industry has given some hope for the French economy's contraction in the last three months of 2019 to resume growth in the first quarter of this year. However, with the spread of the new crown virus to Europe, France's recovery is in serious danger, and the spread of the virus will almost certainly cause damage to manufacturing and services.


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