According to CoinMeta, the Manufacturing Purchasing Managers' Index (PMI) for the eurozone in July rose to 51.9, up from 51.4 in June, reaching its highest level since April. Although the growth rate in output was the fastest in nearly four and a half years, the increase mainly stemmed from companies working through backlogged orders rather than an improvement in market demand, indicating that the foundation for the manufacturing sector's recovery is still relatively fragile. Conflicts in the Middle East have disrupted supply chains and pushed up energy costs, putting pressure on manufacturing enterprises. Chris Williamson, Chief Business Economist at S&P Global Market Intelligence, stated that although eurozone factories experienced accelerated growth during the summer, this positive performance may not be sustainable, and as autumn approaches, there is a risk of growth momentum weakening.