📊S&P Global July Flash PMIs: Germany, U.S. Print Below 50

• The U.S. S&P Global July F. PMI surprised to the downside, with the services sector throwing a contractionary print. The index slumped to 47.0 from 57.2, this is the largest drop since May 2020. This sent the composite to 47.5 from the prior 52.3, this was the largest decline since April 2020, the index was at 59.9 a year ago

• The German, French, and U.K. indexes posted declines, however, the U.K. PMI held better than eurozone peers. Germany July composite metric fell to contraction, while the French equivalent dropped to points to 50.6