Eurozone Composite PMI hits 8-month high of 52.0 in July as inflation cools
Macro
The S&P Global Eurozone Composite PMI rose to an eight-month high of 52.0 in July from 50.0 in June. The figure was led by a rebound in services activity to 51.7 as cooling inflation helped drive the fastest growth in output and new orders since last November. Business confidence rose to a five-month high but remained below the level seen immediately prior to the outbreak of the Middle East war. Demand for euro area goods and services improved in July, marking the first monthly rise in sales volumes since February. There was a further cooling of price pressures across the euro area in July as rates of both input cost and output charge inflation dropped, with operating expenses rising at the slowest pace in five months and prices set for goods and services lifted by the smallest margin since March, though output price inflation remained elevated compared to the survey average.
