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According to analysts at TDS,  June’s flash PMIs in France and Germany provided a broadly supportive view of activity in the two economies, with strong upside surprises in the Services PMIs in both countries more than offsetting continued declines in the Manufacturing PMIs.

Key Quotes

“Interestingly, the decline in the French Manufacturing PMI appears to have been driven by capacity shortages, not by demand, while in Germany, the indicator was fell on the back of lower demand. While the Manufacturing PMIs hit 18-month lows, they remain comfortably in expansionary territory, as do their Services counterparts, suggesting continued at-trend growth in the euro area in 2018Q2.”