Prior 56.8Composite PMI 53.4Prior 55.8It's not a major data release but it won't help to calm market fears on the day. The euro area economy is seen stuttering to start Q3 and that could well pressure the ECB into cutting in September. For now, traders have fully priced that in with the odds of a 50 bps rate cut even touching ~62% earlier in the day. HCOB notes that:"Spain’s economy is continuing to outperform the eurozone. The good news first: Spain's economy once again exceeded expectations in the second quarter, with a growth rate of 0.8% QoQ. Currently, we in Germany can only dream of such a figure. While the European Championship match between Germany and Spain was very close, economica
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