Euro zone business growth hits over 3-year high
Euro zone business activity expanded at its fastest pace in nearly three and a half years in September. Strong demand offset inflation worries driven by rising energy costs and Middle East conflict. The solid performance points to accelerating momentum heading into the final quarter.
Insights:
Euro zone business activity expanded at its fastest pace in nearly 3-1/2 years in September, reaching 53.1 from 52.0 in August. The S&P Global composite index recorded its highest level since April 2023, driven by resilient demand despite inflation pressures. The stronger-than-expected economic momentum raises the probability of further monetary tightening by the ECB.
