German economy slows to the point of contraction

German figures still show an expansion, but the rate of expansion (shown by composite PMI) has slowed near to the point of stasis (50) as PMI dropped from 52.7 to 51.0. Manufacturing PMI was expected to improve from 50.3 to 50.5, but fell to 48.9 and services PMI dropped from 54.7 to 51.6 despite an anticipated improvement to 55.0.