EU S&P Global Composite PMI Final (May) 48.5 vs. Exp. 47.5 (Prev. 48.8)

"Price pressures have meanwhile intensified to their most worrying for over three years, hinting at inflation potentially running close to 4% in the coming months" While one interest rate hike might be seen as an insurance policy, the case for further [ECB] rate hikes will be harder to make if the economy continues to weaken, not least as this softening of demand will itself constrain pricing power and wage growth."