Paris Olympics boosts eurozone economic growth; UK business activity accelerates –as it happened

Olympic Games has delivered France's best month of growth since March 2023, while UK economy is also strengthening in August

• New US job market numbers weaker than expected as Fed eyes interest rate cut

More good news! Business activity across the UK is accelerating this month.

Data firm S&P Global's latest poll of purchasing managers at UK firms found that activity is rising this month, with resilient demand" encouraging firms to take on more staff.

August is witnessing a welcome combination of stronger economic growth, improved job creation and lower inflation, according to provisional PMI survey data.

Both manufacturing and service sectors are reporting solid output growth and increased job gains as business confidence remains elevated by historical standards.

Service providers will have benefited from the Olympic Games. The HCOB Flash PMI for French services activity jumped to 55.0, its highest level since the second quarter of 2022 when GDP growth reached 0.4%.

The one-off nature of this boost is evident in the worsening employment situation, weaker output expectations and declining backlogs of work.