Eurozone October Composite PMI Slows to 51.9 as France Drops Into Contraction

Eurozone private-sector business activity growth slowed to a four-month low in October 2026, with the flash composite PMI falling to 51.9 from 53.1 in September. Slower expansion was driven by widespread cooling, with services sliding to 51.7 and manufacturing easing to 52.4. France acted as the primary drag, tumbling into contraction territory at 48.4 from 51.1 as both manufacturing and services slumped amid political and fiscal uncertainty. In contrast, Germany showed relative resilience as its composite index reached 52.8, supported by an improvement in German manufacturing PMI to 54.2.