Earlier today, we highlighted the noticeable weakness in European PMIs which largely missed expectations on – what else? – sluggish global demand and generally anemic economic growth.
Specifically, Germany’s PMI fell for the second month in a row in February, declining to 53.8 from 54.5 the previous month. Worryingly, the manufacturing PMI slumped 50.2, missing estimates by a wide margin and hitting its lowest level in 15 months.