Nomura’s European Economics team notes that Euro area August Purchasing Managers’ Index (PMI) showed resilient growth, led by a strong manufacturing rebound, while price pressures eased. Consumer inflation expectations also remained contained, supporting Nomura’s view that the European Central Bank (ECB) can still deliver a 25bp rate hike in September.
Manufacturing strength and easing prices
“The manufacturing sector drove the rise in the euro area composite PMI, with particular strength in Germany and France. The euro area manufacturing output PMI rose to its highest level since February 2022. There was no change in the euro area services…
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