S&P Global Inc.

The following is an extract from S&P Global Market Intelligence's latest Week Ahead Economic Preview.

The flash PMI data compiled by S&P Global Market Intelligence signaled sustained growth as measured collectively among the world's major developed economies in October - the 'G4'.

Business activity growth has slumped to its lowest for nearly a year in October as gloomy government rhetoric and uncertainty ahead of the Budget has dampened business confidence and spending.

The PMI survey data for October showed the eurozone economy to have stalled for a second successive month as falling factory activity was accompanied by a further slowing of growth in the services economy.

Japan's private sector activity shrank for the first time in four months in October, hinting at a softening of the GDP trend at the start of the final quarter of 2024.

Data released by S&P Global on Thursday revealed that the US Markit Manufacturing PMI for October came in at 47.8, marking a two-month high. The Services PMI reached 55.3, also a two-month peak, while the Composite PMI hit 54.3, representing a two-month high as well. Robust demand in the services sector contributed significantly to steady growth in commercial activities across most of October in the US.

On October 24, the released data showed that the UK's flash composite PMI for October was at 51.7, an 11-month low, the flash manufacturing PMI at 50.3, a 6-month low, and the flash services PMI at 51.8, an 11-month low. The growth rate of business activity in the UK for October fell to its lowest level in nearly a year.

Data released on October 24th shows that the Eurozone's flash composite PMI for October stood at 49.7, with the manufacturing PMI at 45.9 and the services PMI at 51.2. The Eurozone's business activity has seen a slight decline for the second consecutive month, while business confidence has plummeted to its lowest point in 11 months.

According to data released on October 24th, HCOB Flash Germany Composite PMI Output Index was at 48.4, HCOB Flash Germany Manufacturing PMI at 42.6, and HCOB Flash Germany Services PMI Business Activity Index at 51.4. The start to the fourth quarter is better than expected with services growing at a faster pace and manufacturing shrinking not as quickly as in the previous month, growth in the fourth quarter is a distinctive possibility.