Preliminary S&P Global euro area composite PMI rose to 51.9 in July from 50.0 in June, the highest in five months and well above economists’ 50.3 forecast, signalling a return to expansion after four months. New orders expanded for the first time since February, with the pace of growth the strongest since April 2023. Export orders, including intra-euro-area trade, remain in contraction but the decline was the smallest since March 2022. Services PMI climbed to 51.6 from 49.4, ending a three-month

Preliminary S&P Global euro area composite PMI rose to 51.9 in July from 50.0 in June, the highest in five months and well above economists’ 50.3 forecast, signalling a return to expansion after four months. New orders expanded for the first time since February, with the pace of growth the strongest since April 2023. Export orders, including intra-euro-area trade, remain in contraction but the decline was the smallest since March 2022. Services PMI climbed to 51.6 from 49.4, ending a three-month contraction and marking a five-month high; manufacturing PMI increased to 52.0 from 51.4, with manufacturing output at its highest growth rate in 52 months and above the 51.5 market expectation. S&P Global chief business economist Chris Williamson said the pickup is welcome but that sustained momentum may be constrained by ongoing geopolitical uncertainty.