Spain’s services PMI in February
According to a report by Markit Economics, Spain’s final services PMI showed a strong rise in February 2018. The PMI stood at 57.3 in February—compared to 56.9 in January. The PMI figure beat the preliminary market estimation of 56.4. Spain’s February PMI was the strongest improvement in the service activity in the last seven months.
Spain’s services PMI rose in February mainly due to the following:
- The production volume and output improved at a faster rate in February—compared to January 2018.
- New business orders and export orders also rose at a higher rate in February.
- Employment in the service sector improved at a faster rate in February.
Performance of various ETFs in February
The iShares MSCI Spain Capped ETF (EWP), which tracks Spain’s equity market’s performance, fell 7.8% in February. The iShares Europe ETF (IEV), which tracks Europe’s (VGK) performance, dropped 6.1% in February.
Spain is one of the important nations in the Eurozone. Political uncertainty in Germany (EWG) and Italy impacted Eurozone’s investment sentiment. Despite these issues, business confidence remained higher in February. Stronger domestic demand boosted the economic activity in February.
Next, we’ll analyze the Eurozone’s services PMI in February.