Data released at the start of the European session on Tuesday, November 16, showed a decline in most services and manufacturing PMIs in the Eurozone, while the UK’s figures improved in the preliminary reading for December. The Eurozone services PMI fell to a three-month low of 52.6 in December, compared to 53.6 in November (forecast 53.3), while the manufacturing PMI dropped to an eight-month low of 49.2 from 49.6 in July (forecast 49.9).

In detail, France’s services purchasing managers’ index (PMI) fell to 50.2 in December, down from 51.4 in November, marking its lowest reading in two months (compared to expectations of 51.1). Conversely, the manufacturing PMI rose to 50.6 in December, its highest reading in 40 months, compared to 47.8 in July (compared to expectations of 48.1).

From Germany, the services PMI slowed to a three-month low of 52.6 in December, down from 53.2 in November, falling short of expectations of 53.0. The manufacturing PMI also declined to 47.7, compared to November’s reading of 48.2, its lowest level in ten months (compared to expectations of 48.6).

In a related development, data from the United Kingdom came in positive, with the manufacturing index coming in better than expected in December at 51.2 points, its highest level in 15 months compared to November’s reading of 49.7. In contrast, the services index rose to its highest level in two months at 52.1 compared to November’s reading of 50.2 and expectations of (51.6).