The services report from the Eurozone was released earlier this morning. As seen from the numbers below, services remain pretty much unchanged in February. They softened a bit in Germany due to coronavirus fears, but expanded in Italy, where the coronavirus has broken out of control.

Eurozone Services PMI Report

• Eurozone February final services PMI 52.6 vs 52.8 prelim
• Composite PMI 51.6 vs 51.6 prelim

German Services PMI Report

• Composite PMI 50.7 vs 51.1 prelim
• Germany February final services PMI 52.5 vs 53.3 prelim

French Services PMI Report

• France February final services PMI 52.5 vs 52.6 prelim
• Composite PMI 52.0 vs 51.9 prelim

French Services PMI Report

• Italy February services PMI 52.1 vs 51.3 expected
• Prior 51.4
• Composite PMI 50.7 vs 50.1 expected
• Prior 50.4

Some say that this is still life before coronavirus and things will get worse in March, as the virus spreads in Europe. That’s true, although the virus has been circulating in Italy for more than a month and certain parts of the country, especially in the north where most of the economy is concentrated. But, let’s see how the Italian economy, in particular, will perform in March.