The HCOB Flash Eurozone Composite PMI fell to 51.9 in December 2025, its lowest level in three months, down from 52.8 in November and below expectations of 52.7. The data pointed to a slowdown in private-sector activity, driven by softer momentum in the services sector (52.6 vs. 53.6) and a further deterioration in manufacturing conditions (49.2 vs. 49.6). New order growth moderated, reflecting a sharper decline in foreign demand, although firms continued to increase staffing levels for a third consecutive month. On the price front, both input cost inflation and output price pressures strengthened. Meanwhile, business confidence weakened overall, as a marked deterioration in sentiment among service providers outweighed an improved outlook in manufacturing. Despite the December slowdown, euro area business activity still recorded a full calendar year of expansion for the first time since the COVID-19 pandemic.