Italy October Composite PMI 50.8, Matches Expectations, Down from 51

The marginal softening is less telling than the level: a print barely above the 50 threshold leaves Italian activity in a fragile expansion, with little cushion against a downturn. Because the composite spans both services and manufacturing, the reading speaks to the breadth of the slowdown rather than a single sector, which matters for anyone tracking the euro area's periphery. Whether the index holds above 50 in the coming months, or slips into contraction, is the open question.