Euro Zone PMI Rises to 52.1, ECB Rate Hike Expected

The euro zone's flash composite purchasing managers index (PMI) rose to 52.1 in August, exceeding Barclays' projection of 51.7 and the prior month's 52.

Robust factory output drove the increase, while service-sector activity remained steady.

Barclays reiterated its outlook for a 25-basis-point rate hike by the European Central Bank (ECB) in September.