- Mario Draghi, ECB President
Eurozone's manufacturing sector bounced surprisingly in June on slight support from the global economy, but the counter political uncertainty in the entire euro area has sparked more of a disappointment, driving down overall business growth in the economy. Market flash manufacturing Purchasing Managers' Index PMI rose to 52.6 in June, from 51.5 in May and well above market anticipation of 51.3. However, the Markit Composite PMI index, which combines the manufacturing and services sectors, edged lower to 52.8 from 53.1 in May. This is the worst reading since January 2015. The consensus analyst estimate was 53.1.
Meanwhile, growth in Germany's private sector ended the second quarter with a bigger-than-expected deceleration, a private survey estimated on Thursday, as a surprising upturn in manufacturing did not manage to offset weakness in services. Markit's Composite PMI, which tracks the manufacturing and services activity that accounts for more than two-thirds of the German economy, decelerated to 54.1 during the sixth month of the year, down from 54.5 seen in May, when it hit a joint five-month high. Analysts had predicted a mild downturn to 54.3 in June. The Services PMI fell to 53.2 in June from 55.2 in May, while the Manufacturing PMI rose to 54.4 from 52.1.
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