European S&P Global Composite PMI Final (Aug) 52.0 vs. Exp. 52.1 (Prev. 52.0)

"August's PMI data puts the euro area on track for a solid quarter of growth in Q3. Momentum in the industrial economy has picked up nicely and the service sector has shaken off the initial weakness seen after energy prices surged at the start of the Middle East war." "It's noteworthy that the August data indicated a stalling of the disinflationary trend witnessed since the PMI prices indices peaked in May." Taken alongside the resilience in economic activity as illustrated by the latest figures, the European Central Bank may feel a tightening of policy at next week's meeting is now justified."