Data released at the start of the European session on Friday, January 23, showed mixed performance across most Eurozone services and manufacturing PMIs. However, the UK’s January readings were better than expected. The Eurozone services PMI fell to a four-month low of 51.9 in January, compared to 52.4 in December (forecast 52.6). Conversely, the manufacturing PMI rose to a two-month high of 49.4 from 48.8 in September (forecast 49.1).

Specifically, the French services PMI fell to 47.9 in January, compared to 50.1 in December, marking its lowest reading in nine months (forecast 50.3). Meanwhile, the manufacturing PMI rose to 51.0 in January, its highest reading in 43 months, compared to 50.7 in December (forecast 50.4).

From Germany, the services index rose to a three-month high of 53.3 in January, compared to 52.7 in December, exceeding expectations of 52.6. The manufacturing index also climbed to 48.7, compared to December’s reading of 47.0, its highest level in three months (expectations were for 47.8).

Meanwhile, data from the UK showed positive results. The manufacturing index beat expectations in January, reaching 51.6 points, its highest level in 17 months, compared to December’s revised reading of 50.6. The services index also rose to a 23-month high of 54.3, compared to December’s revised reading of 51.4 (expectations were for 51.7).