S&P Global Market Intelligence chief business economist Chris Williamson said October PMI data show the eurozone economy grew 0.3% at the start of Q4, extending Q3 strength, but momentum is weakening. After three months of robust sales growth, new orders have slowed to near-stagnation and business growth expectations have fallen to their lowest since May, with firms citing inflation, geopolitical uncertainty and higher borrowing costs. Markets are now almost certain the ECB will hike in December

S&P Global Market Intelligence chief business economist Chris Williamson said October PMI data show the eurozone economy grew 0.3% at the start of Q4, extending Q3 strength, but momentum is weakening. After three months of robust sales growth, new orders have slowed to near-stagnation and business growth expectations have fallen to their lowest since May, with firms citing inflation, geopolitical uncertainty and higher borrowing costs. Markets are now almost certain the ECB will hike in December, but if growth softens further markets may begin to question the need for additional tightening as we move into 2027.