Eurozone composite PMI hits 8-month high in July

The Eurozone composite Purchasing Managers' Index (PMI) climbed to 52 in July, marking its highest level in eight months.

S&P Global released the Eurozone PMI data for July on Wednesday; the Eurozone composite PMI rose to 52 in July from 50 in June.

The Eurozone services PMI climbed to 51.7 in July from 49.4 in June, marking its highest level in five months.

Market expectations pointed to a composite PMI of 51.9 and a services PMI of 51.6 for July.

The figures indicated that production and new orders increased in July as inflation lost momentum in Eurozone.

Values at 50 and above in PMI data point to expansion in the sector, while values below 50 indicate contraction.