German S&P Global Services PMI Final (Oct) 52.5 vs. Exp. 51.7 (Prev. 52.9)

"The recovery in the service sector hit a speed bump in October, with the latest PMI survey signalling a loss of momentum as firms recorded a slight softening of demand. It seems that the upturn in inflows of new work we saw across the service sector during the third quarter was enough to sustain business activity growth in October as firms caught up on outstanding orders and projects, but we’d likely need to see demand revive quickly for the sector to remain in growth territory for the remainder of Q4." "As expected, with the reintroduction of the fuel discounts in October, we’ve seen a drop in the rates of input and output price inflation across the service sector. Even so, price pressures remain elevated by historical standards, with not only fuel price levels remaining high, but firms also reporting a squeeze from increased borrowing costs and rising wages."