Overview

• The US Composite PMI rose to 55.3 in November, marking its highest level since April 2022, driven by optimism around lower interest rates and pro-business policies from the incoming administration.
• In contrast, the UK's private sector output fell to a 13-month low of 49.9, reflecting concerns over increased employer taxes and a weaker economic outlook following the recent budget.
• The eurozone's Composite PMI dropped sharply to 48.1, its lowest in 10 months, as services activity contracted and manufacturing remained in recession.
• France experienced its steepest business contraction since early 2024, with new orders hitting a four-year low and business confidence turning negative for the first time since 2020.
• Germany's business activity continued to decline, with its Composite PMI falling to 47.3, the fastest rate of contraction since February, exacerbated by political uncertainty and weak industrial demand.