9/22, 10:02 AM (Source: TeleTrader)
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Euro area PMI slightly up in September

The business activity in the euro area's private sector remained in contraction in September, according to a preliminary report published by S&P Global and Hamburg Commercial Bank (HCOB) on Friday. The HCOB Flash Eurozone PMI Composite Output Index, which measures the services and the manufacturing business activity, stood at 47.1 in September, barely gaining from 46.7 observed the previous month and hitting a 2-months high.

The Flash Eurozone Manufacturing PMI was down by one index point from August to 43.4. On the other hand, the Flash Eurozone Services PMI Activity Index came in at 48.4, rising from 47.9 reported in August and hitting a 2-month high.

"The main drag continues to come from manufacturing where the order situation deteriorated further. Companies keep reducing the stock of purchased goods. However, the declines in purchasing activity have lost some momentum. Thus, the destocking process may bottom out over the next few months in line with a worldwide trend," HCOB Chief Economist Cyrus de la Rubia stated.

Baha Breaking News (BBN) / RR