Eurozone Composite PMI Hits 18-Month Low as Italy Services Contract

On June 3, Italy's services PMI fell to 49.4, marking a third straight month of contraction and pushing the Euro Area composite PMI to 48.50—an 18-month low. This follows the June 1 release showing Eurozone manufacturing momentum easing to 51.6 from 52.2 in April, with output at 51.3 and the sharpest input-cost surge in four years. Supply-chain delays reached 2022 highs amid Middle East tensions, weighing on demand and lifting downside risks for the Europe 50 index.