S&P Global euro-area services PMI rose to 49.4 in June from 47.7 in May, still in contraction for a third month but above the 48.9 estimate, signalling a slower pace of decline and a rapid drop in cost pressures that helped stabilise output after two months of contraction. Oil fell for a third session after Qatar said talks between Iran and the US over the Strait of Hormuz had made progress, easing supply-disruption concerns. S&P Global Market Intelligence chief business economist Chris Williams

S&P Global euro-area services PMI rose to 49.4 in June from 47.7 in May, still in contraction for a third month but above the 48.9 estimate, signalling a slower pace of decline and a rapid drop in cost pressures that helped stabilise output after two months of contraction. Oil fell for a third session after Qatar said talks between Iran and the US over the Strait of Hormuz had made progress, easing supply-disruption concerns. S&P Global Market Intelligence chief business economist Chris Williamson said the easing in services weakness, together with manufacturing growth, indicates the economy has steadied and that energy-driven inf pressures since the outbreak of the Middle East war cooled markedly in June.