The eurozone started the third quarter on a solid footing, according to PMI survey data, though the rate of growth remained slightly below the recent highs in both manufacturing and services and inflationary pressures cooled further.

The headline IHS Markit Eurozone PMI fell for a second successive month in July, down from 56.3 in June to a six-month low of 55.8, according to the preliminary 'flash' estimate (based on approximately 85% of final replies). Despite coming off recent highs, the index remained at an elevated level by historical standards and signalled one of the strongest expansions seen over the past six years.