Connect with us
Finance Digest is a leading online platform for finance and business news, providing insights on banking, finance, technology, investing,trading, insurance, fintech, and more. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website.


Euro zone April business activity grows on strong services demand – PMI

Euro zone April business activity grows on strong services demand – PMI

By Indradip Ghosh

BENGALURU (Reuters) – Growth in euro zone business activity sped up in April, though less than initially indicated, as robust services more than offset a downturn in manufacturing, according to a survey that also showed inflation was at its lowest in over two years.

HCOB’s Composite Purchasing Managers’ Index (PMI), seen as a good gauge of overall economic health, climbed to an 11-month high of 54.1, below a preliminary reading of 54.4 but up from 53.7 in March.

April was the survey’s fourth straight month above the 50 mark that separates growth from contraction.

The PMI covering the bloc’s dominant services industry hit a one-year high of 56.2, up from March’s 55.0 but again lower than the 56.6 flash estimate.

The services sector is in robust shape across the euro zone… Italy and Spain are currently the main driving forces,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank.

Although the bloc’s order backlog grew at a weaker pace, across all HCOB PMI indicators, “everything suggests that growth in the eurozone services sector will continue in the months ahead,” he added.

The new business index rose to 55.4 from 54.2, partly driven by recovering export demand that grew at its quickest rate since July 2021. Improving demand conditions also encouraged services firms to hire at their fastest rates since May 2022.

By contrast, a sister manufacturing sector survey on Tuesday showed factory activity in the bloc contracted for a 10th consecutive month.

Input costs increased at their weakest pace since Feb 2021 while the composite output prices index fell to a two-year low of 56.8, further supporting the case for a smaller interest hike by the European Central Bank at its policy meeting on Thursday.

Overall euro zone inflation has already eased in recent months, but with inflation still running well over three times the ECB’s target and economic activity remaining resilient, more rate hikes remain on the cards.


(Reporting by Indradip Ghosh; editing by John Stonestreet)


Continue Reading

Why pay for news and opinions when you can get them for free?

       Subscribe for free now!

By submitting this form, you are consenting to receive marketing emails from: . You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Posts