Eurozone Services PMI Rebounds to 51.6 in July, Highest in Five Months

According to S&P Global, Eurozone's services sector purchasing managers' index (PMI) reached 51.6 in July, up significantly from June's 49.4 and marking the highest level in five months. Manufacturing PMI improved to 52.0 from 51.4 in June, while the composite PMI hit 51.9 on July 24.

Chris Williamson, chief business economist at S&P Global Market Intelligence, stated that the July figures suggest quarterly GDP growth at a steady pace of 0.3%. However, he cautioned that geopolitical instability and rising oil prices pose downside risks to sustained recovery, with potential inflation pressure from energy supply disruptions.