On Friday morning, the Markit Eurozone Composite Purchasing Manager Indices were out, signalling further weakness. The manufacturing indices, released on Wednesday, had already set the scene for further deterioration not only in the periphery, but also the core. Add the services sector, and the composite reading was 46.7, versus an earlier flash estimate of 47.4, and 49.1 for March. The final reading for services alone was a full point lower, at 46.9, than its flash estimate of 47.9.
One of the most concerning things was the acceleration in the deterioration within April itself, as shown by the deviation between the flash estimate and the final reading — something that really isn’t common.