Eurozone PMIs came in better than expected

Eurozone PMIs came in better than expected. The headline composite index crept higher to 54.1 (from 53.6) with firm readings in both manufacturing (52.5 from 52.2) and services (54.4 from 53.8) components. 

The national figures were similarly firm for both Germany and France. The surveys are consistent with a growth signal of around 0.4% q/q. From a broader perspective, these numbers are encouraging given the relentless Greek travails in recent weeks.