Manufacturing activity in the euro area recorded a small uptick in June compared to May, according to a report by S&P Global and Hamburg Commercial Bank (HCOB) on Tuesday. The Purchasing Managers' Index (PMI) gained 0.1 point, standing at 49.5. While the Eurozone's manufacturing is still contracting, the latest reading was the highest since August 2022.

"There are signs of some stabilization in the manufacturing sector. Companies have now expanded production slightly for the fourth month in a row, order intake has ceased to fall, and slightly longer delivery times also indicate that demand is picking up a bit," HCOB Chief Economist Cyrus de la Rubia said. However, the report noted that employment fell for the 25th month in a row, and purchasing activity declined despite a drop in costs.