Eurozone PMI: what the flash survey shows and how it moves the euro

The Eurozone PMI is a monthly survey of purchasing managers at manufacturers and service companies in the euro area, compiled by S&P Global, and its flash estimate is one of the first reads on the economy in the month itself. A reading above 50 means activity grew on the month before and below 50 that it shrank, and a surprise against the forecast can move the euro within minutes.

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By Mike. Explanation updated 2 Oct 2026; the dates and moves below update with the research.

Eurozone PMI in short

Next release: Not on our calendar yet. It appears once the date is confirmed.
Published by: S&P Global
When: Monthly. The flash comes about a week before the end of the month, at 10:00 Amsterdam time, after the French flash at 09:15 and the German one at 09:30. The final figures follow at 10:00 on the first working day of the next month for manufacturing and on the third for services and the composite. S&P Global lists its times in UTC, so the UTC hour shifts with the European clock change while the Amsterdam time stays the same.
Currency: Euro (EUR)
Impact: Medium: it moves the currency when it surprises
The line read first: The flash composite output index, then manufacturing and services apart
50 means: No change on the month before: above is growth, below is contraction
Revisions: The final release replaces the flash; after that, S&P Global does not revise the data

What is in the Eurozone PMI

Each month S&P Global asks senior executives at private companies whether output, new orders, employment, prices and delivery times went up, down or stayed the same compared with the month before. The answers become indexes between 0 and 100, where 50 means no change.

The headline for the euro area is the composite output index, a weighted mix of manufacturing output and services activity. The manufacturing PMI and the services business activity index are published next to it.

The flash is based on most, but not all, of the replies collected in the second half of the month. The final release adds the rest and the detail per country.

Older releases carry the name HCOB, the bank that sponsored the survey. The current ones are titled S&P Global Eurozone PMI.

Why the Eurozone PMI moves the euro

Official figures on growth come weeks or months after the period they cover. The PMI comes out before the month is over, so it is an early sign of a turn in the economy, and that shapes what the market expects from the ECB.

The survey also asks about prices: what firms pay for inputs and what they charge their customers. Those lines can move the euro on their own when inflation is the ECB's main concern.

How to read the Eurozone PMI against the forecast

Compare the flash with the forecast, and look at the composite first. A miss on the composite carries more weight than one on manufacturing alone, because services make up the larger part of the euro area economy.

Read France and Germany with it. Their flashes come out 45 and 30 minutes earlier, so part of the surprise is often known by 10:00.

The level matters as well as the change. A rise from 46 to 48, for example, is better news, but it still says activity shrank.

What the Euro did on the last release days

Our calendar keeps the exact time of each release since 16 September 2026. The first Eurozone PMI after that date will show here with the Euro's move around it.

For scale: on an ordinary day the Euro moves 0.11% against the basket from one London opening to the next, either way, on average over the 250 trading days since 14 Oct 2025.

The forecast, the figure itself and what it changed in our view of the currency are in the app, next to the research.

Questions about Eurozone PMI

What time is the Eurozone PMI released?

The flash comes at 10:00 Amsterdam time, about a week before the end of the month. The final manufacturing figure follows at 10:00 on the first working day of the next month, and services and the composite at 10:00 on the third working day. That is 09:00 in London all year.

What does a PMI above 50 mean?

That more companies reported an increase than a decrease compared with the month before. Above 50 means growth, below 50 contraction, and the further from 50, the stronger the change.

What is the difference between the flash and the final PMI?

The flash is based on most of the month's survey replies and comes out about a week before the month ends. The final release adds the remaining replies and the detail per country. The flash moves the market more, because it comes first.

Is it the HCOB PMI or the S&P Global PMI?

Both names refer to the same survey, compiled by S&P Global. Older releases carry the name of HCOB, the bank that sponsored it. Current releases are titled S&P Global Eurozone PMI.