Eurozone PMI growth slows to 51.9 in October

Euro area business activity grew more slowly in October, with the S&P Global purchasing managers' index falling to 51.9 from 53.1 in September.

A PMI reading above 50 indicates growth, while a reading below 50 signals contraction.

S&P Global chief business economist Chris Williamson said the October figure was lower than September's but still among the stronger performances of the past three years.

Williamson said a renewed drop in French services activity was a key drag on growth. He said some of the weakness in France could be linked to strikes and the country's worst street unrest in years, while growth also edged lower elsewhere in the eurozone in both manufacturing and services.

He also said inflationary pressures escalated further during the month and that higher interest rates were starting to dampen demand.

The survey described the outlook as mixed, with pessimism in France contrasting with positive sentiment elsewhere in the eurozone.