France July flash services PMI 50.7 vs 49.8 expected ...Middle East

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France July flash services PMI 50.7 vs 49.8 expected
Prior 49.6Manufacturing PMI 44.1 vs 45.8 expectedPrior 45.4Composite PMI 49.5 vs 49.0 expectedPrior 48.8Both the services and composite readings are 3-month highs but the manufacturing reading is a 6-month low. That once again speaks to the contrast in the two sectors, not just for France but across the euro area as well. The good news at least is that services activity has returned to growth, albeit marginally. That likely owes in part to the Paris Olympics.However, price pressures did intensify on the month and that will be something that could bite at the ECB's plans to cut rates in September if the trend persists across the region. HCOB notes that:“The Olympic Games are fuelling the Fren

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