12/5/2023, 10:01 AM (Source: TeleTrader)
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Eurozone composite PMI hits 4-month high in November

The Eurozone Composite PMI Output Index, which measures the services and the manufacturing business activity in the region, came in at 47.6 in November, climbing by 1.1 index points from the month prior, and reaching a four-month high, S&P Global and Hamburg Commercial Bank's (HCOB) final report showed on Tuesday. However, the figure was below the neutral 50-point mark for the sixth consecutive month.

The Services PMI Activity Index in November was also higher than the previous month’s reading, standing at 48.7, advancing by 0.9 index points from October, hitting a two-month high.

"The service sector maintained its downward slide in November. The modest improvement of the activity index does not leave much room for optimism regarding a swift recovery in the immediate future. The somber outlook is reinforced by the fifth consecutive monthly shrinkage in new business, albeit at a slightly tempered rate in November," HCOB Chief Economist Dr. Cyrus de la Rubia stressed.

Baha Breaking News (BBN) / JJ