Spanish S&P Global Services PMI (May) 50.1 vs. Exp. 48

“Some stability in demand and activity following April’s contractions were a welcome development in May and provides hope that the economic downturn in Spain will be relatively shallow." Despite this, "...underlying performance remains weak, and the private service sector is still on course for its worst calendar quarter in over five years." "...activity likely to remain weak and inflation well above trend."