German S&P Global Services PMI Final (Jun) 48.6 vs. Exp. 46.8 (Prev. 48.1, Low. 46.8, High. 48.1)

“Encouragingly, cost pressures subsided considerably across the service sector in June, helped by the reduced price of fuel." “On the labour market front, whilst services firms have slowed the pace of job losses, a steep and accelerated reduction in backlogs of work points to low capacity pressures in the sector and suggests there will be little appetite for hiring in the coming months."