Euro area July Final PMIs slightly down on lower services confidence

Euro area final composite PMIs in July were slightly increased from the flash estimates by 0.2 points to 53.9, edging down from June's four-year peak (-0.3 point). The  upward revision of PMI was equally driven by the services and manufacturing sectors. 

In July, lower services confidence led to a modest decline in composite PMIs, while manufacturing confidence held firm. 

According to Barclays's estimation, "Overall PMI at the start of Q3 suggests that the growth momentum will be maintained, with our Q3 PMI-based GDP indicator standing at + 0.4% q/q- a similar rate than our Q2 forecast (preliminary GDP data to be released on August 14) and only slightly below the 0.5% q/q Q3 GDP projection. The impact of the Greek crisis seems to have been muted until now, with the manufacturing sector showing resiliency despite the decline in Greek confidence."