欧元区7月PMI小幅回升至4个月新高 但仍难掩经济增长颓势

Group 1: Economic Activity and PMI Data - The HCOB Eurozone Composite PMI index rose slightly from 50.6 in June to 50.9 in July, still below the long-term average of 52.4, indicating ongoing economic weakness in the Eurozone [1] - The Eurozone services PMI increased from 50.5 in June to 51.0 in July, but was below the market expectation of 51.2, reflecting a modest improvement in service sector activity [1] - Spain showed the strongest performance among major Eurozone economies, with a composite PMI rising from 52.1 in June to 54.7 in July, while France experienced a contraction with a PMI of 48.6 [1] Group 2: Employment and Business Confidence - Eurozone businesses increased employment for the fifth consecutive month in July, reaching the fastest growth rate in over a year, despite weak demand [2] - Business confidence declined for the first time since April, with optimism waning in both manufacturing and services sectors, leading to overall confidence falling below long-term averages [2] Group 3: Inflation and Monetary Policy - Cost pressures have decreased to the lowest level since October of the previous year, primarily driven by the service sector, while output price inflation slightly increased to a three-month high [2] - The European Central Bank (ECB) may consider further rate cuts in the second half of the year due to easing service sector inflation, despite many officials suggesting insufficient reasons for continued accommodative policies [3] - The recent EU-US trade agreement may negatively impact Eurozone exports and economic growth, raising concerns about the sustainability of the Eurozone's economic recovery [3]