June Flash PMIs Hit Decade High

German flash PMIs impressed in June amid re-opening, hitting best levels in a decade. Services came in at 58.1 (vs 55.7 forecast, 52.8 prior), with manufacturing at 64.9 (vs 63.0 forecast, 64.4 prior).

• The IHS Markit report noted strong demand, but additionally mounting price pressures:
• "A further easing of COVID-19 restrictions and release of pent-up demand leading to a sharp and accelerated rise in business activity...However, the recovery in output levels was accompanied by a further increase in price pressures, with rates of inflation in both input costs and output prices accelerating to new record highs."
• New orders (composite) were the strongest since Jan 2011; job creation hit the highest levels in the history of the subcomponent in the survey (to Jan 1998).