The downbeat news came streaming from Germany this morning as the signs of economic softness start to spread one month after the other.

According to the advanced July estimate, the PMI manufacturing continued to trend softer easing to 52.1 from 54.6 and was also slower than the expected expansion pace of 54.1.

As for services, and following the surprise quickening expansion in June, the index slowed again strongly in July to 52.9 from 56.7 and missed expectations for 56.1.