France June Services PMI Misses at 46.8, Remains in Contraction

France's June final services PMI came in at 46.8 on 3 July, below the 47.4 flash estimate and keeping the sector in contraction despite improving from 44.3 in May. The composite PMI also printed soft at 47.2 versus 47.6 expected. Earlier in the week, manufacturing data had provided a modest positive surprise, with the June final PMI rising to 51.2 from 49.7 and beating the 50.7 preliminary reading to return above the expansion threshold. The mixed results leave French private-sector activity still shrinking overall, with limited implications for euro-area growth expectations and European equities.