The Eurozone's manufacturing purchasing managers' index (PMI) rose to 47.4 in May, a 15-month high, up from 45.7 in April, according to preliminary data from S&P Global and the Hamburg Commercial Bank. The services sector PMI remained steady at 53.3, unchanged from April.

The manufacturing PMI output index also saw an increase, reaching 49.6 from 47.3 in April, marking a 14-month high. The composite PMI output index, a weighted average of manufacturing output and services PMI, rose to a 12-month high of 52.3 from 51.7 the previous month.

Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, noted that the composite PMI for May indicates ongoing growth and improving economic strength in the Eurozone, with new orders and steady hiring contributing to this positive trend. Additionally, inflation rates for input and output prices in the services sector have softened, supporting the European Central Bank's stance on potentially cutting rates in June.