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Quick Updates: European Services PMI Fails to Surprise the Market

The European Services PMI figures are out but failed to bring any volatility in the market. Here’s an update on them:

Spanish Services PMI – The Spanish service sector saw growth of activity quicken in January, despite a softer increase in new work at the start of the year. Companies were encouraged to take on extra staff at a faster pace, while business confidence improved. Meanwhile, input prices rose at a slightly softer pace, but output charge inflation ticked up. The headline Business Activity Index rose to 54.7 in January from 54.0 in December.

French Final Services PMI – Service providers in France recorded a second successive monthly contraction in business activity during January. Moreover, the pace of decline accelerated to its quickest for almost five years. The figure came out at 47.8 vs. 47.5 forecast.

German Final Services PMI – Germany’s service sector enjoyed a slightly firmer rate of business activity growth at the start of the year, according to the latest PMI survey, with business confidence towards the outlook also recovering slightly from the recent low in December. German Services PMI ticked up to 51.2 vs. 50.8 beforehand.

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Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.
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