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Eurozone Q2 GDP grew by 0.2% quarter-on-quarter, missing the 0.3% estimate and the growth of the previous quarter. Year-on-year, GDP matched forecasts with a 0.6% increase in Q2.

The Eurozone HCOB Services PMI registered at 52.9 in August, below the expected 53.3 but up from 51.9 in July.

The Eurozone HCOB Composite PMI stood at 51.0 in August, missing the forecast of 51.2, though it improved from 50.2 in July.

Germany's HCOB Services PMI dropped to 51.2 in August, down from 52.5 in July and below the 51.4 estimates.

In France, the HCOB Services PMI met expectations at 55.0 in August, rising from 50.1 in July. The HCOB Composite PMI was also higher at 53.1, above the expected 52.7.

Italy's HCOB Services PMI came in at 51.4 in August, below the forecast of 52.6 and down from 51.7 in July.

Spain's HCOB Services PMI missed expectations of 54.8, coming in at 54.6 in August, but it was still an increase from 53.9 in July.

Italy's Gross Domestic Product (GDP) grew by 0.2% quarter-on-quarter (QoQ) in Q2, in line with forecasts. On an annual scale, GDP also met expectations with a 0.9% increase in Q2.

Italy's HCOB Manufacturing PMI exceeded expectations of 47.8, coming in at 49.4 in August.

The Eurozone's August HCOB Manufacturing PMI was reported at 45.8, slightly above the forecast of 45.6 and the previous month's figure.

Germany's HCOB Manufacturing PMI beat expectations of 42.1, recording a figure of 42.4 in August.

France's HCOB Manufacturing PMI for August was 43.9, surpassing expectations of 42.1 and also higher than the July reading of 42.1.

The Eurozone Core Harmonized Index of Consumer Prices (YoY) met the forecast of 2.8% in August, down from 2.9% in July. On a monthly scale, the Core CPI rose from -0.2% in the previous month to 0.3% in August.

The Eurozone Harmonized Index of Consumer Prices (MoM) increased to 0.2% in August from 0% previously, bringing the annual rate down to 2.2%, compared to 2.6% in July.

The Eurozone Unemployment Rate in July was registered at 6.4%, below the expected 6.5% and also lower than the June figure.

Germany's Consumer Price Index (CPI) fell by 0.1% in August after a 0.3% increase in July. On an annual basis, the German CPI came in at 1.9%, below the 2.1% forecast and down from 2.3% in July.

Additionally, the HICP stood at 2.0%, falling short of the 2.3% forecast and down from the 2.6% recorded in July. On a monthly basis, the German HICP dropped by 0.2% in August, following a 0.5% increase in July.

According to the European Commission report released on Thursday, August 29:

• Eurozone Consumer Confidence in August came in at -13.5, slightly below the estimated -13.4 and down from -13.0 in July.
• Eurozone Industrial Sentiment improved to -9.7, surpassing the forecast of -10.6 and better than the -10.4 recorded in July.
• The Eurozone Business and Consumer Survey registered at 96.6, exceeding expectations of 95.8 and up from 96.0 in July.
• Eurozone Services Sentiment rose to 6.3, beating the expected 5.2 and up from 5.0 in July.
• Eurozone Business Climate declined to -0.62 in August, slightly down from -0.61 in July.

Germany’s GfK Consumer Confidence Survey for September came in at -22, missing the expectations of -17.5 and lower than the -18.6 recorded in August.

Germany's Gross Domestic Product (QoQ) fell by 0.1% in Q2 2024, in line with forecasts. On an annual basis, Germany’s economy showed no growth (0.0% YoY), which was better than the market estimate of a 0.1% decline, following a 0.2% contraction in the first quarter. Additionally, Germany’s GDP w.d.a (YoY) remained steady at 0.3% in Q2.

The headline German IFO Business Climate Index came in at 86.6 in August, down from 87.0 in July. The market consensus was 86.5.

The IFO Current Economic Assessment Index eased to 86.5 in August, matching estimates but down from 87.1 in July.

IFO Business Expectations were at 86.8, above the forecast of 86.5 in August but down from 87.0 in July.

Eurozone:

The Purchasing Managers' Index (PMI) for the service sector increased to 53.3 in August, showing significant growth from 51.9 in July and surpassing the expected figure of 51.9. In contrast, the PMI for the manufacturing sector decreased slightly to 45.6 in August, down from 45.8 the previous month, contrary to expectations that it would remain at 45.8. Despite the relative weakness in the manufacturing sector, growth in the service sector led the composite PMI to rise to 51.2 in August, exceeding expectations of a decrease to 50.1 from 50.2 the previous month.

France:

In France, the PMI for the services sector saw substantial growth, rising to 55 in August from 50.1 in July, well above the expected figure of 50.2. Conversely, the PMI for the manufacturing sector fell sharply to 42.1 in August from 44.0 the previous month, despite expectations for an increase to 44.4.

Germany:

In contrast to France, Germany's Service PMI fell to 51.4 in August from 52.5 in July, slightly below the expected decrease to 52.3. The manufacturing PMI also declined, dropping to 42.1 in August from 43.2 the previous month, contrary to expectations of an increase to 43.4.

Eurozone consumer inflation showed modest growth in July, rising to 2.6% year-on-year from 2.5% in June. Core consumer inflation, which excludes volatile items like food, energy, alcohol, and tobacco, also saw 2.9% annual growth, though it declined by 0.2% on a monthly basis. These figures aligned with market expectations.

In Germany, producer inflation fell by 0.8% in July, resulting in only 0.2% year-on-year growth. These results were in line with analysts' forecasts.

The ZEW Indicator of Economic Sentiment for the Euro Area plunged 25.8 points in August 2024, hitting a nine-month low of 17.9, far below the expected 35.4. 

⛔️ The Purchasing Managers' Index (PMI) of Spain's service sector decreased to 53.9 in July, down from 56.8 in the previous month. Market participants expected a figure of 56.2 for this month.

⛔️ The PMI of Italy's service sector decreased to 51.7 in July, compared to 53.7 in the previous month. Market participants expected a figure of 53.0 for this month.

❎ The PMI of the French service sector increased to 50.1 in July, up from 49.6 in the previous month. However, market participants expected it to grow to 50.7.

❎ The PMI of the German service sector decreased to 52.5 in July, down from 53.1 in the previous month. However, market participants expected it to grow to 52.0.

❎ The Euro area's PMI for the services sector decreased to 51.9 in July, matching the market's forecast. This index was recorded at 52.8 in the previous month.

❎ The Composite PMI of the Euro area decreased to 50.2 in July, down from 50.9 in the previous month. Market participants expected it to be 50.1 for this month.