Data released at the start of the European session on Thursday, July 24, showed improvement in most services and manufacturing PMI indicators for the Eurozone and the UK in July. The Eurozone services PMI rose to a five-month high of 51.6 in July, compared to 49.4 in June (expected 49.0). Meanwhile, the manufacturing PMI climbed to a three-month high of 52.0 from 51.4 in June (expected 51.5).

In France, however, the indicators were mixed. The French services PMI rose to 49.8 in July, compared to 46.8 in June, marking its highest reading in seven months (expected 47.5). Conversely, the manufacturing PMI fell to 50.0 in July, its lowest reading in two months, compared to 51.2 in June (expected 51.0). In Germany, the services index rose to a four-month high of 49.6 in July, up from 48.6 in June, exceeding expectations of 49.0. The manufacturing index also climbed to 52.3, compared to June’s reading of 50.3, its highest level in four months (expectations were for 52.2).

Meanwhile, data from the UK was positive in July, with the manufacturing index surpassing expectations at 52.8, its highest level in two months, compared to June’s reading of 52.5. The services index also rose to a three-month high of 51.8, compared to June’s reading of 48.8 (expectations were for 49.4).