Eurozone PMI estimates softer than expected

Manufacturing PMI for the eurozone in April unexpectedly slipped to 53.5 from 54 in March. As Eurozone business activity pulled back from March’s 11-month high this represents the first decline since November for the region, indicating both the manufacturing and service sector indices softening. Whilst this data indicates the slowdown of expansion in France and Germany, which has offset the acceleration of growth in the rest of the region we don’t feel that a 0.5 decline over one month is reflective of the broader health of the market and we remain positive for the eurozone recovery to keep pushing forward.