The Eurozone flash composite PMI jumped a greater than expected 1.7 points to 50.4 in July. This was a 23-month high and suggests that the Eurozone economy is now in the process of stabilising following a likely 7 quarters of contraction.
Both manufacturing and services PMIs improved more than expected to start H2 2013, the former rising to 50.1, the latter to 49.6. German and French manufacturing and service sector PMIs also all gained on the month. Readings were as follows – Germany – manufacturing (50.3), services (52.5) ; France – manufacturing ( 49.8), services (48.3). Core Europe is moving back towards modest expansion.
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Commonwealth Bank