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, signaling a
slower pace of decline and a rapid drop in cost pressures that helped stabilize
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 stabilized and that energy-driven
inf pressures since the outbreak of the Middle East war cooled markedly in June.
