Data released at the start of the European session on Tuesday, March 24, showed divergence in most services and manufacturing PMIs for the Eurozone and the UK in March. The Eurozone services PMI fell to a ten-month low of 50.1 in March, compared to 51.9 in February (expected 51.1). In contrast, the manufacturing PMI rose to a 45-month high of 51.4 from 50.8 in February (expected 49.4).

Specifically, the French services PMI fell to 48.3 in March, compared to 49.6 in February, marking its lowest reading in five months (expected 49.2). Meanwhile, the manufacturing PMI rose to 50.2 in March, its highest reading in two months, compared to 50.1 in February (expected 49.4).

From Germany, the services index fell to a seven-month low of 51.2 in March, compared to 53.5 in February, missing expectations of a 52.5 reading. The manufacturing index, however, rose to 51.7, compared to February’s 50.9, its highest level in 45 months (expectations were for 49.6).

Meanwhile, data from the UK was mixed. The manufacturing index came in better than expected in March at 51.4, its lowest level in three months, compared to February’s 51.7. In contrast, the services index fell to a six-month low of 51.2, compared to February’s 53.9 (expectations were for 52.8).