Stocks struggle, dollar gains as investors scrutinise data

"Like last month, the survey indicates that price pressures are easing. In manufacturing, cost pressures are falling quickly on the back of improving supply chain problems and weakening new orders," ING bank said.

"Service sector inflationary pressures are also coming down, but at a slower pace due to rising wages. For the European Central Bank, this remains the largest concern in tackling inflation right now."index of 600 European companies remained slightly weaker after the PMI data, though still on track for the fifth week of gains.

"The main narrative is that recession is coming but it's taking its time," said Kevin Thozet, investment committee member at Carmignac.during the end of the third quarter or during the fourth quarter, while consensus on the outlook in Europe is overly pessimistic in the short term, and too optimistic on the longer term, Thozet said.

Although China is recovering, it's not expected to have the "traction capacity" to pull the rest of the world along with it that it had in previous economic cycles, Thozet added.Electric vehicle maker Tesla

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