- Societe Generale
Activity in the services sector of the Euro area's economy kept the healthy pace of expansion, the final readings from the Markit survey revealed. The pan-Euro zone's Purchasing Managers' Index was revised slightly downwards to 53.7 points last month, down from 54.4 in August. Economists suggested the pace of activity's growth would slow down to 54 points. In addition to that, the composite PMI, which tracks both manufacturing and services sectors, came in at 53.6 points in September, also down slightly from August's 54.3 points. Markit analysts continued assuming the currency bloc's economy is on track of posting a 0.4% growth in the third quarter of this year. By country, only the French PMI was revised upwards to 51.9 points, while other major Euro zone economies including Germany, Italy and Spain showed a moderate decline.
In the meantime, the Eurogroup began its two-day meeting in Brussels. Finance ministers from all countries of the Euro zone are gathering together, in order to discuss the Greek bailout progress and implementation of reforms in the country. Moreover, officials are going to prepare for annual budgetary surveillance programme, where the Euro group is set to put pressure on governments to bring down budget shortfalls.
© Dukascopy Bank SA