Private sector activity in the euro area remained unchanged in February, S&P Global and Hamburg Commercial Bank (HCOB) said in a second report on Wednesday. The composite Purchasing Managers' Index (PMI) stood at 50.2, unchanged from January. The release confirmed the preliminary report's findings for overall activity, while the service PMI was revised down by 0.1 points to 50.6.

"The Eurozone economy has barely grown for two months in a row now, as the mild growth in the services sector is almost fully eaten up by the recession in the manufacturing sector. The good news is that the downturn in the manufacturing sector is softening, which could pave the way for a recovery of the whole economy," HCOB Chief Economist Cyrus de la Rubia said.