HCOB Eurozone Composite PMI in Eurozone

S&P Global · Monthly (flash + final) · Importance

52.0 (Aug-26) ABS · index · Monthly · CSV

Period	index
Aug 2026	52.0
Jul 2026	52.0
Jun 2026	50.0
May 2026	48.5

Period	index
Aug 2026	0.0

Period	index
Aug 2026	1.0

About this indicator

Source

S&P Global Market Intelligence / HCOB

Frequency

Monthly (flash + final)

Release

Flash around the 23rd of the same month (10:00 CET); final around the third working day of the following month (10:00 CET).

What it is

The Eurozone Composite PMI combines manufacturing output and services activity into a single private-sector diffusion index. It is compiled by S&P Global and sponsored by Hamburg Commercial Bank (HCOB).

How it's calculated

A weighted average of the Manufacturing Output Index and the Services Business Activity Index, with weights reflecting each sector's relative size in eurozone GDP. Seasonally adjusted; a reading above 50 signals expansion.

Market implications

It is the best monthly leading indicator of eurozone GDP within the PMI family and an immediate read on private-sector momentum. A strong print tends to support the euro and rate expectations; the flash moves markets more than the final.

Limitations

It is a qualitative survey capturing the direction of change, not its magnitude, and is not comparable with the headline manufacturing PMI. The flash reading is revised in the final release, published alongside the services PMI.