Economist: Eurozone services sector growth accelerates, fueling rate hike expectations.

S&P Global Market Intelligence Chief Business Economist Chris Williamson said: "The euro zone’s service sector growth has hit its fastest pace since last November, signaling that the region’s economic recovery is accelerating, with growth momentum spreading from manufacturing to broader sectors. The composite PMI survey signals show the euro zone economy is currently expanding at a quarterly rate of 0.4% and is on track for further growth in the fourth quarter. Service sector activity in both Germany and France saw its first signs of growth since March, marking their respective first service sector expansions this year; Italy, meanwhile, expanded for the fourth consecutive month, outperforming Spain, which also posted its strongest growth in four months. Overall growth in September hit its fastest pace in five years. At the same time, the survey showed input price inflation rose to 4%, indicating the euro zone’s inflation is approaching the European Central Bank’s 2% target ceiling. Combined with the acceleration in economic growth shown by the PMI, these data suggest mounting pressure on the European Central Bank to adopt more aggressive monetary tightening measures."