Blue-chip DAX Index Rises; German Private Sector Contraction Slows

German shares ended the last trading day of the week in the green, as the market assessed the latest private sector data. At Friday's close, the blue-chip DAX index was up 0.78%. Business survey data compiled by S&P Global showed an easing contraction in Germany's private sector, with manufacturing gains overshadowed by a persistent, albeit moderating, downturn in service sector activity. The final S&P Global Germany Composite PMI Output Index stood at 49.5 in June, up from the previous 48.8 and the flash estimate of 48. "Encouragingly, cost pressures subsided considerably across the service sector in June, helped by the reduced price of fuel. However, the dynamics for the coming months are somewhat unclear, as whilst global oil prices have fallen closer to pre-conflict levels, the temporary fuel tax cut has now ended and developments in the Middle East remain unpredictable," S&P Global Market Intelligence economics associate director Phil Smith said. Zooming out, the final seasonally adjusted S&P Global Eurozone Composite PMI Output Index hit a three-month high of 50 in June, against the 48.5 previously and the flash estimate of 49.5, marking the index's return to.