The downturn in the eurozone’s struggling economy is easing, according to a closely tracked business survey, which found a stabilisation of activity at services companies offset a steep decline in manufacturing — particularly in Germany.
S&P Global’s flash eurozone composite purchasing managers’ index, which measures business activity across the bloc, rose to an eight-month high of 48.9 this month, up from 47.9 in January. Economists polled by Reuters had forecast a smaller increase to 48.5.
Within the overall figures, the contraction in German business activity appeared to deepen — hit by the biggest drop in demand for four months.
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