European PMIs Slightly Weaker Than Expected

08:15 AM BST, Spain – PMI Data for December:

• HCOB Spain Services PMI: actual 57.1; forecast 54.8; previous 55.6;

Spain was the clear regional outperformer, with the services PMI rising to a twelve-month high and driving strong composite growth. Input price inflation picked up again, reflecting stronger services-driven cost pressures, while the broader outlook for 2026 remains upbeat.

08:45 AM BST, Italy – PMI Data for December:

• HCOB Italy Services PMI: actual 51.5; forecast 54.2; previous 55.0;
• HCOB Italy Composite PMI: actual 50.3; previous 53.8;

Italy’s PMI showed that growth remained marginally positive but lost momentum, with services activity slowing sharply even as new business rose strongly on the back of domestic demand.

08:50 AM BST, France – PMI Data for December:

• HCOB France Composite PMI: actual 50.0; forecast 50.1; previous 50.4;
• HCOB France Services PMI: actual 50.1; forecast 50.2; previous 51.4;

France’s composite PMI signaled stagnation, as business activity in services flattened and demand remained broadly unchanged, with weaker export orders adding to the slowdown. Price pressures eased significantly, limiting pricing power and prompting some firms to offer discounts, which, together with weaker sentiment, highlights a fragile domestic environment.

08:55 AM BST, Germany – PMI Data for December:

• HCOB Germany Services PMI: actual 52.7; forecast 52.6; previous 53.1;
• HCOB Germany Composite PMI: actual 51.3; forecast 51.5; previous 52.4;

Germany’s PMI indicated continued expansion in the services sector, although the pace of growth slowed and new business rose only moderately. Business confidence deteriorated, and expectations for the year ahead fell to their lowest level since last April, pointing to a more cautious outlook.

09:00 AM BST, Euro Zone – PMI Data for December:

• HCOB Eurozone Services PMI: actual 52.4; forecast 52.6; previous 53.6;
• HCOB Eurozone Composite PMI: actual 51.5; forecast 51.9; previous 52.8;

The eurozone composite PMI showed that growth slowed to a three-month low as demand for goods and services weakened toward year-end. Overall, the economy remains in modest expansion, but the persistence of services-led inflation helps explain why the ECB is cautious on further rate cuts.

09:30 AM BST, United Kingdom – PMI Data for December:

• S&P Global Services PMI: actual 51.4; forecast 52.1; previous 51.3;
• S&P Global Composite PMI: actual 51.4; forecast 52.1; previous 51.2;

The UK composite PMI showed only marginal growth in business activity, with expansion weaker than the flash estimate and below the pace seen through much of the second half of the year.

Eurozone PMIs pointed to slowing but still positive expansion, with services supporting growth and some uptick in cost pressures, though momentum is cooling in parts of the bloc

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