We will be getting the preliminary PMI data for September for France, Germany, and the overall Eurozone later today. In terms of key estimates, markets are looking for: The headline numbers will tell us whether euro area growth is holding up, but I think the bigger market question is what the report might say about the ECB's next move. Markets are currently pricing roughly a 45% chance of another 25 bps rate hike in October, with a further rate hike fully priced only by December at the earliest. That leaves plenty of room for incoming data to move expectations. And today's PMIs could matter more through the inflation details than the business activity numbers themselves.
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