Summary of European Flash PMIs - February 2026

Overview

On February 20, 2026, preliminary Purchasing Managers' Index (PMI) readings for both services and manufacturing in the euro area and Germany indicated stronger-than-expected economic activity. The data suggests a positive trend in business conditions across the region, with notable improvements in key metrics.

Key PMI Data

Eurozone

• Services PMI (flash): 51.8 (forecast: 51.9; previous: 51.6)
• Manufacturing PMI (flash): 50.8 (forecast: 50.0; previous: 49.5)
• Composite PMI (flash): 51.9 (forecast: 51.5; previous: 51.3)

Germany

• Services PMI (flash): 53.4 (forecast: 52.4; previous: 52.4)
• Composite PMI (flash): 53.1 (forecast: 52.3; previous: 52.1)
• Manufacturing PMI (flash): 50.7 (forecast: 49.5; previous: 49.1)

Market Reaction

The stronger-than-expected PMI readings contributed to a slight increase in the EUR/USD exchange rate, which ticked higher to 1.17738, reflecting positive sentiment in the market. The overall business activity in Europe appears to be accelerating, indicating a potential recovery in the region's economic landscape.

Conclusion

The February 2026 flash PMI data for the eurozone and Germany shows a positive shift in business activity, with most indicators surpassing expectations. This could signal a strengthening economic environment, which may influence future monetary policy decisions and market trends.