The seasonally adjusted S&P Global Eurozone PMI composite output index dropped to 49.4 in July from 52.0 in June, according to a S&P Global/Markit survey on Friday. Dropping below the neutral 50.0 level signals a contraction of business output for the first time since February 2021. Steepest declines were seen in Germany, where the composite PMI hit 48.0, its lowest since June 2020. Manufacturing saw the sharpest drop, with the index tumbling to 46.1 from 49.3 in June and marking a 26-month low. The services PMI fell to 50.6 from 53 in June. The euro dropped 0.7% to $1.0151 a day after the European Central Bank hiked its benchmark interest rate for the first time in 11 years.
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