Prior 53.2Composite PMI 50.9 vs 50.8 prelimPrior 52.2Both the services and composite readings are three-month lows, reaffirming a slowdown in the economy towards the end of Q2. Of note, demand for euro area goods and services decreased for first time since February. The good news is that as a whole, price pressures are seen cooling a bit more but are still above pre-pandemic levels. Looking to individual performances, the German economy is seen more sluggish in June and is the main drag but should rebound back in July amid the Euro 2024 tournament. HCOB notes that:“Growth in the Eurozone can be attributed fully to the service sector. While the manufacturing sector weakened considerably in Ju
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