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Frankfurt's DAX was slightly down around 23,300 on Monday, reflecting similar movements in European and major markets amid heightened Middle East tensions after the US entered the Iran-Israel conflict over the weekend. Investors are concerned that Tehran might decide to bomb oil infrastructure in neighbouring countries or block tankers from travelling through the Strait of Hormuz. On the data front, flash PMI data showed German manufacturing and services sectors contraction eased in June. On the corporate side, defense shares, including Rheinmetall (-2%), were among the worst performers. Munchener Ruck, Sartorius, Zalando and Bayer followed closely, with losses ranging between 1.1% and 1.9%.

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The HCOB Flash Germany Composite PMI Output Index rose to 50.4 in June, up from May’s 48.5 and beating expectations of 49, signaling a modest return to growth. This marks the first expansion in six months, driven by stronger manufacturing output, which hit its highest level since March 2022 at 52.6, continuing a four-month growth streak. While the services sector remained in contraction, the decline slowed, with activity falling only slightly. Encouragingly, new orders increased for the first time in over a year, indicating improving demand. However, firms continued to reduce staffing, and business optimism about future growth weakened slightly. On the inflation front, output prices rose at a faster pace than in May, though still close to historical norms. Input cost inflation eased to its lowest level since October 2023, suggesting some relief on the cost side despite a slight rebound in selling prices.

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The HCOB Germany Services PMI rose to 49.4 in June 2025 from 47.1 in May, better than market expectations of 47.5, flash estimates showed. The latest data showed that activity in the sector declined only slightly, marking the slowest rate of contraction in the current three-month downturn. New business in the service sector nearly stabilized, showing a very small decline, the weakest in the ongoing ten-month downturn. The workforce expanded a bit more than it did in May, but this increase was too small to prevent a continued decline in overall employment for the thirteenth month. On the price front, there was a slight softening of cost increases in the service sector, as overall input price inflation slowed for a fifth straight month to the weakest since last October. Subsequently, average factory gate charges fell for the second month running and to the greatest extent since February. Looking forward, businesses’ optimism towards growth prospects in the next 12 months weakened.

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The HCOB Germany Manufacturing PMI rose to 49.0 in June 2025 from 48.3 in May and in line with market expectations, preliminary estimates showed. This signaled the mildest contraction since August 2022, bringing the sector closer to stabilization. The improvement was driven by output growth, which posted its strongest rise since March 2022, extending the current expansion streak to four months. Manufacturers also reported a solid pickup in foreign demand, along with signs of strengthening domestic orders. However, subdued capacity pressures led to further job cuts in June, with the pace of staff reductions accelerating for the first time in four months and reaching its fastest since February. On the price front, output charges were lowered amid another sharp decline in input costs. Looking ahead, business confidence strengthened, climbing above its historical average to reach the highest level since February 2022.