S&P Global Market Intelligence preliminary July composite PMI for Germany rose
to 51.2 from June's 49.5, above analysts' 49.8, returning the index to expansion
for the first time in four months. Manufacturing PMI climbed to 52.2 from 50.3,
beating a 50.5 forecast, with output posting its strongest increase in nearly
four-and-a-half years. Services PMI improved to 49.6 from 48.6, a four-month
high. Phil Smith, deputy chief economist at S&P Global Market Intelligence,
warned that renewed escalation in Middle East hostilities and a fresh rise in
global energy prices leave the path to a sustained recovery highly uncertain.
