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As anticipated esp after the weak France PMI reading, the Eurozone aggregate comes in weaker than had been expected coming into the session (Mfg 51.7 vs 52.7 exp; Svcs 50.1 vs 54.5 exp), indicating a loss of momentum in the bloc's economy midway through the third quarter of 2020.
- Of note in the IHS Markit release is that "while the two largest eurozone economies remained in growth territory, outside the 'big-2' output decreased in August. That said, the contraction was only marginal."
- On inflation: "The rate of [input] inflation was the sharpest since before the COVID-19 crisis hit, but remained relatively muted...Companies continued to lower their own selling prices, extending the current sequence of decline to six months"
- On new orders: slowed midway through the third quarter, with growth of total new business undermined by a fall in new export orders (including intra-eurozone trade).
- On employment: "decreased for the sixth successive month, although the rate of job cuts softened further from April's survey record."