Euro area June Flash PMIs end Q2 on a strong note

Euro area "flash" composite PMIs came in stronger in June, edging up to 54.1 (+0.5 point), the highest print in four years. 

The 0.8 point to 54.4, a 49 month high rise was driven primarily by the unexpected improvement in the services sector, while manufacturing confidence inched up 0.2 point to 53.5. In both sectors, better output trends supported the June increase, while new orders eased slightly.

Business expectations were also down to a six-month low and anecdotal evidence signalled that weaker forward-looking components were related to mounting uncertainty regarding the outcome of the Greek crisis. 

However, PMIs improved markedly in Q2, with manufacturing PMIs posting the strongest quarterly average in a year, vs. a four-year high for the services counterpart.