Overview

• Eurozone composite PMI edged up to 51.2 in September from 51.0, extending growth to a ninth straight month, according to preliminary HCOB/S&P Global data.
• Germany’s PMI jumped to a 16‑month high of 52.4, driving the bloc’s improvement, while France fell to 48.4 and contracted for a 13th month.
• Within the eurozone, services activity reached a nine‑month high at 51.4 as the industrial PMI slipped back into contraction at 49.5.
• In the U.S., the composite PMI eased to 53.6, with services at 53.9 and manufacturing at 52, indicating continued expansion at a slower pace.
• S&P Global reported tariffs as the primary driver of higher U.S. costs and its chief economist said the data align with roughly 2.2% annualized GDP growth in Q3 after a July peak.