Markit Economics released its preliminary manufacturing purchasing managers' index (PMI) for Germany on Monday. Germany's preliminary manufacturing PMI climbed to 52.4 in May from 51.8 in April, beating forecasts of a rise to 52.0.

Germany's preliminary services PMI was up to 55.2 in May from 54.5 in April. Analysts had expected index to increase to 54.6.

The rise in the manufacturing and services PMI was driven by a backlogs and increased new orders.

"A first look at today's survey results is encouraging, as output growth accelerated for the first time in 2016 so far. However, we should not be too complacent about these numbers and should instead view them with some caution," Markit's economist Oliver Kolodseike noted.