Analysts at ANZ explained the key data events from overnight.
Key Quotes:
“The June composite euro area PMI rose to 54.9, ending a run of four consecutive monthly declines from a high of 58.8 in January. Underlying the increase, new orders and employment indices both rose, but expectations of future activity continued to slide with the future output index at 63.4, compared with a high of 68.0 in January. Both input and output price indices rose. Services sector activity is strong, with the services PMI increasing from 55.0 to 55.2. Going forward, the key focus for euro area activity is the trade climate and how that will evolve in coming months. US President Trump has invited EU Commission President Juncker to Washington for trade talks, but no date has been set yet.”
“UK June services PMI rose to 55.1 from 54.0, while the composite index rose to 55.2 from 54.5. This is the highest level since June, and echoes the construction PMI data out yesterday, which supported the view that the UK economy has recovered from temporary weakness in Q1.”
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