US Economy Stuns Again While Europe Falters

US economic activity picked up further in early June, preliminary PMIs released on Friday showed. S&P Global's services gauge topped estimates and unexpectedly rose from May. Indeed, at 55.1, the services print was the best in over two years. The composite index likewise printed a 26-month high at 54.6. "Services activity recover[ed] strongly YTD after near[ly] stall[ing] in late 2023," the color accompanying the release said, flagging robust domestic demand which drove the strongest new w