The Eurozone Composite Purchasing Managers' Index flash estimate for July came in at 51.9, up from 50.0 in June and marking a five-month high. A recovery in new orders contributed, with the manufacturing PMI at 52.0 and the services PMI at 51.6, both above the 50 threshold that separates expansion from contraction. Germany's composite PMI also rose above 50 for the first time in four months, while France's reading slightly below 50 still improved from the previous month. Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, welcomed the July recovery but pointed to uncertainty from geopolitical risks, and indicated that the PMI levels suggest the Eurozone economy is growing at a quarterly pace of 0.3 percent.