Eurozone business activity shows steady expansion (private PMI)

Saturday, November 22, 2025 at 09:00 UTC+01:00 (+0100), Eurozone, N/A

News category : Macroeconomic Events

Private survey data covering business activity in the eurozone pointed to continued expansion in November, with services driving the improvement even as manufacturing faces headwinds. The steady composite reading supports the narrative that inflation pressures could ease without a sharp growth slowdown—an outcome markets welcome because it reduces the chance of more abrupt monetary policy shifts. The PMI strength encouraged investors to increase exposure to cyclical European equities and weighed on safe-haven demand for certain sovereign bonds. Analysts emphasised the reading is a survey-based leading indicator and must be interpreted alongside hard data, but the signal contributed to improved sentiment for Europe on Nov. 22.

Overall market impact

Light bullish market impact - strength score : 60/100

Detailed breakdown of market impact over instruments, sectors, and asset classes

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Impacted instruments :

Eurozone equities

EUR FX pairs

Euro-area corporate bonds

Cyclical sectors (services, consumer)

Regional economic-sensitive commodities

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