The Flash Eurozone Composite PMI Output Index, which measures the services and the manufacturing business activity in the region, stood at 50.4 in March, rising from February's figure of 50.2 and hitting a 7-month high, according to a preliminary report published by S&P Global and Hamburg Commercial Bank (HCOB) on Monday.
The Flash Services PMI Business Activity Index stood at 50.4 in March, falling by 0.2 index points from February's figure and reaching a 4-month low. The Flash Eurozone Manufacturing PMI hit a 26-month high of 48.7.
"The price development in the services sector, which is very much under scrutiny of the ECB, will be well received by the doves of the monetary authority," HCOB Chief Economist Cyrus de la Rubia commented. "Meanwhile, in manufacturing, price increases for both selling and purchasing remain moderate, helped along by declining energy costs. However, there are still plenty of risks on the ECB’s radar, like potential retaliation tariffs from the US," he added.
