Eurozone PMIs: Cautious recovery signs – TD Securities

FXStreetFeb 19, 2026 2:40 PM

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TD Securities’ Global Strategy Team looks for Eurozone PMIs to signal a cautious recovery in France and Germany. They see January’s weakness in French Services as overdone and expect a rebound, while German Manufacturing PMI is projected to edge higher, supported by defence procurement. However, readings are still expected to remain below the key 50.0 threshold.

France and Germany show tentative improvement

"We expect a signal for a cautious recovery in the two major euro area economies, as measured by PMIs."

"In France, we believe that January’s weakness on the back of budget uncertainty was overdone, and see a fair rebound in the Services PMI measure to 49.5 (mkt: 49.2)."

"German Manufacturing PMI is also likely to inch upward to 49.5 (mkt: 49.5), supported by a gradual pick-up in defence procurement."

"Though we should continue seeing positive momentum, the delayed pace of procurement is likely to still keep the read below the break-even 50.0 mark."

(This article was created with the help of an Artificial Intelligence tool and reviewed by an editor.)

Disclaimer: The information provided on this website is for educational and informational purposes only and should not be considered financial or investment advice.

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