Summary : Data compiler S&P Global said its final manufacturing purchasing managers’ index (PMI) fell to 49.5 points from 51.4 in June. Preliminary data published on Friday showed French inflation for July at 6.8%, while inflation across the euro zone accelerated to a record high of 8.9% in July from 8.6% a month earlier. Output and new orders both fell at their strongest rates since the initial wave of COVID-19 infections in the first half of 2020 as high inflation squeezed demand,” said S&P Global Market Intelligence senior economist Joe Hayes. Business confidence remained at a suppressed level during July, reflecting manufacturers’ concerns around the outlook for inflation, supply chains and the war in Ukraine,” he added.
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