Spanish S&P Global Services PMI (Jun) 54.2 vs. Exp. 50.8 (Prev. 50.1)

"June’s figures at least ensure the sector avoids an outright contraction and, with the trajectory in growth upwards, has some decent momentum heading into the second half of the year".  "Also encouraging was a reduction in inflationary pressures, with both costs and selling prices rising to weaker degrees over the month".  "Whilst inflation rates remain uncomfortably high, policymakers will nonetheless be encouraged that the degree of pass-through of the energy price shock is somewhat muted, with output charges increasing at the slowest rate since January".