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French and German PMIs improve in June and top forecasts

The release of purchasing managers indexes in Europe showed activity rebounding in June. The Markit flash French manufacturing PMI rose to a 21-month high of 52.1 from 40.6 in May, and the flash German manufacturing PMI rose to a 3-month high of 44.6 in June from 36.6 in May. The flash French services PMI rose to 50.3 in June from 31.1 in May, and the German services PMI rose to 45.8 from 32.6. Any reading above the 50-mark indicating improving conditions, and all four readings were above economist estimates.

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