Eurozone business activity expanded for the first time in 18 months in July as composite PMI increased to 50.5 from 48.7 in June, while services PMI rose to 49.8 from 48.3. Germany's recovery gained momentum and the downturns in major economies such as France, Italy and Spain eased further. With manufacturing leading the way, the data raises "hopes that the region can finally claw its way out of its longest-running recession."
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