Data released at the start of the European session on Thursday, May 21, showed negative figures across most of the Eurozone’s services and manufacturing PMIs, while the UK’s May readings were mixed. The Eurozone services PMI fell to its lowest level in 63 months, reaching 46.4 in May, compared to 47.6 in April (expected 47.8). Meanwhile, the manufacturing PMI dropped to a three-month low of 51.4 from 52.2 in April (expected 51.7).

In detail, the French services Purchasing Managers’ Index (PMI) fell to 42.9 in May, compared to 46.5 in April, marking its lowest reading in 66 months (predictions were 46.6). Meanwhile, the manufacturing PMI declined to 48.9 in May, its lowest reading in six months, compared to 52.8 in April (predictions were 52.1).

In Germany, the figures were mixed. The services PMI rose to a two-month high of 47.8 in May, compared to 46.9 in April, exceeding expectations of 47.1. The manufacturing PMI, however, fell to 49.9, compared to 51.4 in April, its lowest reading in four months (predictions were 51.0).

Meanwhile, data from the United Kingdom in May showed mixed results, with the manufacturing index coming in better than expected at 53.7 points, the same as April’s reading. In contrast, the services index fell to its lowest level in 64 months at 47.9, compared to April’s revised reading of 52.7 (expectations 51.7).