This morning we found out that Euro-area business activity shrank less than anticipated in June (Services up/beat, Manufacturing down/miss). S&P Global’s Composite PMI rose to 49.5 from 48.5, topping estimates but remaining below the 50 mark that indicates growth. "The eurozone economy is showing enough resilience to just about stay out of recession." However, the UK’s economy contracted for a second consecutive month (both Services and Manufacturing lower), with its PMI slipping to a 14-month low. "A disappointing June ‘flash’ PMI indicates that the economy contracted for a second successive month, albeit at ... (full story)