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The HCOB Flash Eurozone Manufacturing PMI came in at 49.4 in June 2025, the same as in May, and below forecasts of 49.8, pointing to an unchanged pace of deterioration in the manufacturing sector. While output rose for the fourth consecutive month, the pace of expansion slowed to a three-month low. Notably, new orders stabilized, ending a prolonged decline that had lasted just over three years. However, employment in the sector declined at a solid rate, and manufacturers continued to reduce their purchasing activity, though the pace of decline was modest and among the weakest seen in the past three years. On the pricing front, input costs fell for a third straight month, and output prices were lowered for the second month in a row. Lastly, business confidence dipped slightly from May’s 39-month high.

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The HCOB Eurozone Services PMI rose to 50.0 in June 2025 from 49.7 in May and in line with market expectations, preliminary estimates showed. The reading signaled stabilization in the services sector after a slight contraction, supported by a fourth consecutive monthly increase in activity. However, the pace of growth eased to a three-month low in June. Meanwhile, manufacturing new orders were unchanged, ending a period of contraction that had stretched for just over three years. Although Eurozone manufacturers continued to reduce their purchasing activity in June, the rate of decline was modest and among the weakest seen in the past three years. Meanwhile, employment fell solidly, with job losses accelerating compared to May. On the price front, manufacturing input costs declined for the third straight month, while output prices were cut for a second consecutive period. Looking ahead, manufacturers remained more optimistic about the outlook for the year ahead.

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The HCOB Eurozone Composite PMI remained unchanged from the previous month at 50.2 in June of 2025, slightly under market expectations of 50.5, according to a flash estimate. The result reflected the sixth consecutive month above the expansionary threshold, but continued to point to a muted pace of growth. The gauge for activity in the services sector pointed to stagnation (50 vs 49.7 in May), while that for manufacturing reflected an unchanged pace of stagnation (at 49.4). New orders at the aggregate level fell marginally, although at the softest pace in the current 13-month sequence, pressured by lower export orders amid a slower euro and uncertainty of US tariffs. Hence, firms continued to deplete outstanding business, driving employment levels to rise marginally. On the price front, input cost inflation inched lower for the fourth month, although service providers raised their export charges. Looking forward, business confidence was at the highest since January.

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The STOXX 50 fell 0.6% and the STOXX 600 declined 0.4% on Monday, reflecting a mild flight to safety as tensions in the Middle East escalated. Market sentiment was rattled after the US became directly involved in Israel’s conflict, launching strikes on Iran. Despite the heightened geopolitical risk, the market reaction was less severe than anticipated, with traders awaiting Iran’s response and hoping the conflict can be contained. A key concern remains the potential closure of the Strait of Hormuz which could disrupt oil markets. Meanwhile, flash PMIs painted a mixed picture, with private sector activity in the Euro Area stabilizing as Germany returned to expansion, while in France it contracted further. On the corporate front, Novo Nordisk shares fell over 2%, despite reporting generally positive results from late-stage trials of its weight-loss drug, CagriSema. In contrast, ASML Holding gained more than 1%, attempting to rebound from steep losses suffered in the previous week.