German S&P Global Composite PMI Flash (Jul) 51.2 vs. Exp. 49.8 (Prev. 49.5)

"The German economy made a positive start to the third quarter, with the Composite PMI returning to growth territory ..." & "However, given the escalating hostilities in the region in the past week or so, which have put renewed upward pressure on global energy prices, the path to a sustainable recovery still seems very much uncertain." "Manufacturing enjoyed a bumper month of production growth in July, recording its strongest rise in output in nearly four-and-a-half years. The sector was supported by increased new orders, particularly from abroad, with a slowdown in cost inflation perhaps providing some reprieve too." "For services, business activity is at least showing signs of stabilising,.. However, services firms faced stronger cost pressures in July, likely partly due to the expiry of the temporary tax reduction on fuel. With oil prices on the rise again, it looks like we could be set for a period of renewed inflationary pressures."