France May flash services PMI 49.4 vs 51.7 expected ...Middle East

Prior 51.3Manufacturing PMI 46.7 vs 45.8 expectedPrior 45.3Composite PMI 49.1 vs 51.0 expectedPrior 50.5Ouch. Not quite was planned as this is at bit of a setback for the ECB. The French services sector and overall economy are seen contracting in April, albeit very marginally. Demand conditions picked up, reflecting a first gain since April last year, although mildly. But that still isn't enough to help offset the decline in activity on the month. HCOB notes that:“The French economy will grow in the second quarter thanks to strong domestic demand. Although the HCOB Composite Output PMI fell slightly below 50 in May, there is no reason for any major concern. Demand has grown for the first tim

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