EU S&P Global Composite PMI Flash (Jul) 51.9 vs. Exp. 50.3 (Prev. 50.0)

“After a largely stagnant second quarter, there has been something of a bounce in demand during July, which takes the PMI up to a level indicative of GDP growing at a reasonably solid 0.3% quarterly pace. This represents the best performance since the outbreak of the war in the Middle East" “Cost pressures have meanwhile cooled sharply and are now down to their lowest since the outbreak of the war in February, helping moderate the rate of inflation for selling prices across goods and services. This will take pressure off the ECB in terms of any imminent need for further rate hikes." “However, whether all this good news can be sustained in the coming months largely depends on the situation in the Middle East."