According to data released this morning, the Manufacturing Purchasing Managers' Index (PMI) in the Eurozone was 49.2 points in February. The index showed an improvement over January, when it was 47.9 points, but is below 50 points, indicating a contraction in economic activity. The operating conditions of industry in the Euro Zone continue to worsen, albeit marginally. With the February result, the region's industrial PMI totals 13 months below 50 points.

In Italy, the coronavirus outbreak only exploded in the second half of February, reaching the northern regions of Lombardy and Veneto, the country's industrial engines, which indicates that in the coming months the outlook is not for improvement within the region. The Italian PMI was 48.7 points; that of Germany, in 48.0 points; and France, in 49.8 points. Greece's PMI had a strong reading in February of 56.2 points, the highest in 10 months, while Spain's was 50.4 points, also the highest in 10 months.