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🇪🇺 The ECB raised rates into a contracting eurozone, then sent Lagarde to parliament to justify it
The day in view

🇪🇺 The ECB raised rates into a contracting eurozone, then sent Lagarde to parliament to justify it

Macro Soup Newsroom Macro Soup Newsroom 4 min read

The ECB hiked 25 basis points on June 11 into a eurozone composite PMI of 49.5, still in contraction. Germany's services PMI fell to 46.8. European Commission consumer confidence landed at −19, well below the −17.5 consensus.

Line chart of S&P Global Eurozone Composite PMI Output index from 2016 to 2026 with GDP growth bars on secondary axis.
Eurozone composite PMI rose to a three-month high of 49.5 in June flash data, with services improving but private-sector activity contracting for a third straight month. Source

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