Eurozone economy hits stagnation point

The Eurozone economy experienced stagnation in July as demand for goods and services weakened. S&P Global and Hamburg Commercial Bank (HCOB) released the Purchasing Managers' Index (PMI) data for the Eurozone for July, showing a slowdown.

Five-Month Low

The composite PMI dropped to 50.2 in July from 50.9 in June, marking the lowest level in five months. The services sector PMI also fell to 51.9 in July, the lowest level in four months, from 52.8 in June.

In the PMI data, a reading above 50 indicates growth, while a reading below 50 signals contraction.