Eurozone Manufacturing PMI printed 51.6 in May, with France back in contraction at 49.7 and input costs at a four-year high. A June ECB hike is 91% priced; the supply-side cost picture makes a second move in September harder to defend.
Eurozone manufacturing activity lost momentum in May as new orders stagnated and export demand weakened, even as the PMI held in expansion territory. Source
