Eurozone business activity surprisingly strong in August despite rising prices 

There were signs that the upswing may be temporary, with readings flattered by a sharp rise in French services activity due to the Olympics

German business activity contracted for a second consecutive month and by more than expected.

Eurozone business activity showed surprising strength this month despite firms raising prices, a survey showed, potentially weakening expectations for two more rate cuts from the European Central Bank (ECB) this year.

However, there were signs that the upswing may be temporary, with readings flattered by a sharp rise in French services activity due to the Olympic Games. German business activity contracted for a second consecutive month and by more than expected.