Preliminary S&P Global PMIs: Germany composite PMI rose to 53.8 in September
from 51.8 in August, the highest since October last year. Economists polled by
Refinitiv had expected 51.8. Services PMI climbed to 52.9 from 49.7, a
seven-month high that ended five months of contraction. Manufacturing PMI eased
to 53.8 from 54.3 but remained in expansion. S&P Global Market Intelligence
deputy head of economics Phil Smith said the initial data signal the fastest
pace of business activity growth in nearly a year, with services rejoining
manufacturing. Despite renewed inflationary pressures, firms reported faster
output growth, stable near-term expectations and a second consecutive month of
employment gains.
