German S&P Global Composite PMI Flash (May) 48.6 vs. Exp. 48.4 (Prev. 48.4, Low. 47.4, High. 51.4)

"...the German economy is on course to contract in the second quarter of the year." "The disruption from the effective closure of the Strait of Hormuz continues to filter through to prices, with input cost inflation showing a further acceleration due to the knock-on effects of higher energy prices and supply shortages." "...slower rises in both manufacturing and  services output prices point to businesses shouldering  a greater proportion of the burden. This suggests some containment of inflationary pressures, but it also hints at an increased squeeze on company margins which has consequences of its own..."