Eurozone private sector contracted for a third consecutive month in June but the
pace of decline eased, with S&P Global Market Intelligence's preliminary
composite PMI rising to 49.5 from 48.5 in May, a three-month high. S&P Global
Market Intelligence chief business economist Chris Williamson said the PMI
suggests the economy "is showing enough resilience to largely avoid recession"
and points to GDP being broadly flat in Q2. New orders fell for a fourth month
but the drop moderated; manufacturing new orders edged up slightly while
services demand remained weak and a small rebound in leisure and tourism did not
offset the broader decline in new business. Refinitiv's early-June poll forecast
0.1% growth for the quarter.
