FX.co ★ Eurozone Composite PMI Holds Firm in November

In November 2025, the HCOB Eurozone Composite PMI registered at 52.4, marginally down from October's 52.5, aligning closely with market forecasts, according to preliminary data. This figure reflects a continued robust increase in business activity, representing one of the most significant expansions witnessed over the past two and a half years. The services sector remained the growth catalyst, experiencing its most rapid output increase in 18 months. Conversely, manufacturing showed only slight expansion, matching the slowest pace observed in the current nine-month growth span. The growth in new orders weakened due to a persistent decrease in export demand, while employment levels remained stable, reflecting companies’ cautious stance on additional hiring. Work backlogs continued to diminish. Regarding inflation, input costs surged at the fastest rate since March, although output price inflation dropped to its lowest point in over a year. Despite subdued demand indicators, business sentiment improved in November, indicating heightened confidence levels.