Euro-Zone Composite PMI Declines To 47.4 In April

Business activity across the 17-nation euro zone declined in April, according to the preliminary purchasing managers' index released by Markit. Manufacturing PMI dropped to 46.0, versus 47.7 in March, versus economists' estimates for an increase to 48.1. Services PMI dropped to a five-month low of 47.9, versus 49.2 in March, versus estimates for a reading of 49.3. The composite PMI declined to a five-month low of 47.4, versus 49.1 in March. However, economists were expecting a rise to 49.3.