According to CoinMeta, the growth rate of commercial activity in the eurozone has reached a new high since November. The preliminary value of S&P Global Eurozone Composite PMI Output Index rose from 52.0 in July to 52.1 this month, the highest level since November, exceeding market expectations of 51.7. In the past five months, the final data has been better than the preliminary figures. The growth rate of new orders has reached its fastest level in 40 months, and export orders, including intra-eurozone trade, have seen growth for the first time since the Russia-Ukraine war in February 2022. The survey also indicates that price pressures have eased. S&P Global economist Chris Williamson said that manufacturing once again became the most outstanding sector, while the service industry played a supporting role, achieving relatively strong growth for the second consecutive month after a sluggish second quarter. Due to ongoing disruptions to supply chains in the Middle East, companies have increased inventory for precautionary purposes, which helped support the commodity production sector. At the same time, demand for artificial intelligence-related technology products is growing, and higher defense spending is driving up demand for equipment, which has particularly helped Germany achieve increasingly significant output growth.