Eurozone: Composite PMI likely to increase to 55.3 in July - Nomura

Analysts at Nomura expect the euro area composite PMI for July to increase to 55.3 from 54.9 in June.

Key Quotes

“At the sector level, we expect the regional manufacturing PMI to dip to 54.6 from 54.9 and the services PMI to increase to 55.9 from 55.2. While the escalation in world trade disputes should worsen sentiment, domestic demand is still appears buoyant.”

“Overall levels of these indices are still high relative to their long-run averages, and our forecast for July’s flash reading would be consistent with euro area GDP growth of around 0.5% q-o-q in Q3 2018.”