Data released moments ago at the start of the European session today, Thursday, May 22, showed divergences in most of the services and manufacturing PMIs in the Eurozone and the United Kingdom in the preliminary reading for June. The Eurozone services PMI rose to a two-month high of 50 points in June, compared to 49.7 points in May. Meanwhile, the manufacturing PMI remained stable at 49.4 points in May.
In detail, the French services PMI fell to 48.7 in June, compared to 48.9 in May, its lowest reading in two months and below expectations of a rise to 49.2. Meanwhile, the manufacturing PMI fell to 47.8 in May, its lowest reading in four months, compared to 49.8 in May (expectations: 49.8). From Germany, the services index fell to a three-month high of 49.4 in June, compared to 47.1 in May, exceeding expectations of 47.8. The manufacturing index also rose to 49.0, compared to May’s reading of 48.3, its highest reading in 34 months (expected 48.9). Meanwhile, data from the United Kingdom was positive, with the services index exceeding expectations in June at 51.3, its highest level in three months, compared to May’s reading of 50.9. Meanwhile, the manufacturing index rose to a five-month high of 47.7, compared to May’s revised reading of 46.4 (expected 46.9).