French S&P Global Composite PMI Final (Jul) 49.4 vs. Exp. 49.6 (Prev. 47.2)

"The third quarter has started off comparatively well for France's economy. The composite index for July is at a level historically consistent with quarterly GDP growth of around 0.2-0.3%. This amounts to a rebound after a weak second quarter of PMI data. "Tailwinds came in the form of a demand pick-up, easing inflation and improved confidence, but given the rise in global energy prices at the end of last month and the intensification of the Middle East war, there's a high risk that July's positive PMI trend reverses."