Eurozone Private Sector Expansion Slows in October as PMIs Miss Forecasts

Eurozone private sector growth decelerated more than expected in October, with the flash composite PMI dropping to 51.9 from 53.1, missing consensus estimates of 52.7. The services PMI declined to 51.7 from 53.0, and the manufacturing PMI fell to 52.4 from 52.9. The broader European slowdown followed earlier German figures, where an unexpected rise in manufacturing to 54.2 was offset by a services slump to 51.7, which lowered Germany's composite PMI to 52.8. The widespread misses across sectors spurred dovish European Central Bank policy repricing and increased downside pressure on the euro.