BREAKING: services PMI from the European countries higher than expected 🔎

07:00 AM BST, Germany - Durable Goods for September:

• German Factory Orders: actual 4.2% MoM; forecast 1.6% MoM; previous -5.4% MoM;

08:15 AM BST, Spain - PMI Data for October:

• HCOB Spain Services PMI: actual 54.9; forecast 56.6; previous 57.0;

08:45 AM BST, Italy - PMI Data for October:

• HCOB Italy Services PMI: actual 52.4; forecast 50.3; previous 50.5;
• HCOB Italy Composite PMI: actual 51.0; previous 49.7;

08:50 AM BST, France - PMI Data for October:

• HCOB France Composite PMI: actual 48.1; forecast 47.3; previous 48.6;
• HCOB France Services PMI: actual 49.2; forecast 48.3; previous 49.6;

08:55 AM BST, Germany - PMI Data for October:

• HCOB Germany Composite PMI: actual 48.6; forecast 48.4; previous 47.5;
• HCOB Germany Services PMI: actual 51.6; forecast 51.4; previous 50.6;

09:00 AM BST, Euro Zone - PMI Data for October:

• HCOB Eurozone Services PMI: actual 51.6; forecast 51.2; previous 51.4;
• HCOB Eurozone Composite PMI: actual 50.0; forecast 49.7; previous 49.6;

Eurozone businesses showed stagnation in October 2024, with the HCOB Composite PMI Output Index at 50.0, indicating no overall growth as expansions in smaller economies were offset by contractions in Germany and France. Services showed modest gains, while manufacturing contracted. Weakening demand, a fifth consecutive monthly drop in new work, and the sharpest employment decline since late 2020 highlight fragile economic conditions. Meanwhile, inflation rates for input and output costs were among the weakest in over three years. 

Nonetheless, market reaction is limited following the publication, as investors' attention is currently focused solely on the US presidential election.