European S&P Global Composite PMI Flash (Oct) 51.9 vs. Exp. 52.7 (Prev. 53.1)

“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. While that’s below the pace enjoyed in September it is still among some of the best performances seen over the past three years". "Key to the broader slowdown is the further escalation of inflationary pressures seen during the month. Input costs are rising sharply again, the rate of increase surging in manufacturing on the back of higher energy prices, causing firms to push selling prices higher in order to protect margins". "Higher interest rates are also starting to take a toll, dampening demand, and the picture of sustained growth and stubbornly elevated inflation from the October flash PMI will likely add to further speculation of more aggressive policy tightening from the ECB".