欧元区需求增长助推经济回暖

Core Insights - Eurozone's business activity unexpectedly accelerated in October, driven by new orders, indicating a rebound in economic momentum at the start of the fourth quarter [1] - The Eurozone Composite Purchasing Managers' Index (PMI) rose from 51.2 in September to 52.2 in October, marking the tenth consecutive month of expansion and reaching a 17-month high, significantly surpassing the Reuters survey expectation of 51.0 [1] Economic Performance - Germany's private sector exhibited the strongest growth in nearly two and a half years, primarily supporting robust expansion in the services sector [1] - In contrast, France experienced a decline in demand due to political turmoil, with business activity contracting faster than market expectations [1] Sector Analysis - The services sector continued to lead, with its PMI rising to 52.6, a 14-month high [1] - The manufacturing output index slightly increased to 51.1, and the overall manufacturing PMI returned to 50.0, outperforming expectations [1] Employment Trends - Overall employment showed improvement, with service sector employment growing at the fastest rate since June 2024, while manufacturing layoffs occurred at the fastest pace in four months [1] Pricing and Inflation - Cost growth slightly slowed, but the pace of price increases by businesses picked up marginally [1] - The chief economist at Hamburg Commercial Bank noted that service sector inflation remains moderate, with sales prices rising but close to long-term averages, suggesting the European Central Bank may keep interest rates unchanged [1] Business Confidence - Despite the improvement in business activity, corporate confidence fell to a five-month low, indicating a cautious market outlook [1]