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The key points from today’s economic news, brought to you by Guardian Stockbrokers.
UK services PMI climbed less than expected in February
In the UK, the final services PMI registered a rise to 49.50 in February, compared to a level of 39.50 in the previous month. Markets were expecting the services PMI to record a climb to 49.70.
Euro-zone services PMI unexpectedly rose in February
In the Euro-zone, the final services PMI unexpectedly climbed to a level of 45.70 in February, compared to a reading of 45.40 in the previous month. Markets were expecting the services PMI to fall to a level of 44.70.
German services PMI dropped more than anticipated in February
In Germany, the final services PMI dropped to a reading of 45.70 in February, compared to a level of 46.70 in the prior month. Markets were expecting the services PMI to fall to a reading of 45.90.
Fed’s Beige Book: US economy grew modestly from January to mid-February
According to the US Federal Reserve’s (Fed) latest Beige Book report, the US economy expanded modestly from January to mid-February for most Federal Reserve Districts. Further, the Beige Book indicated that most businesses remain optimistic about the economic recovery this year, following the rollout of Covid-19 vaccines and pick up in hiring. Looking ahead, several Fed districts anticipate modest price increases over the next several months.
US ISM services index unexpectedly dropped in February
In the US, the ISM services index registered an unexpected drop to a level of 55.30 in February, compared to a level of 58.70 in the prior month. Markets were expecting the index to record a steady reading of 58.70.
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