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51.9 in October: Eurozone HCOB Composite PMI falls, missing 52.7 forecast
51.9 was the Eurozone’s flash HCOB Composite Purchasing Managers' Index (PMI) reading for October. Down from 53.1 in September and below the market forecast of 52.7, the result signalled slower growth in business activity.
The Services PMI dropped from 53 to 51.7 over the period, while the Manufacturing PMI eased from 52.9 to 52.4.
Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, commented on the survey: "the Eurozone economy starts the fourth quarter with businesses reporting further robust growth, the flash PMI being consistent with GDP growing at a 0.3% quarterly cadence," he noted.
Williamson also said: "While that’s below the pace enjoyed in September it is still among some of the best performances seen over the past three years,"
Eurozone PMI: Market Response
Following the PMI release, EUR/USD remains slightly below 1.1200, trading in negative territory as it struggles to build momentum.
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