Prior 53.2Manufacturing PMI 45.6 vs 47.9 expectedPrior 47.3Composite PMI 50.8 vs 52.5 expectedPrior 52.2Business activity in the euro area slows sharply towards the end of Q2, with manufacturing continuing to prove to be a drag. The output index there is seen slumping to a six-month low. Meanwhile, the services sector reading also eased but to a three-month low.Looking at the details, new orders were seen contracting for the first time in four months while the pace of growth in employment conditions was the weakest since March. HCOB notes that:"Is the recovery in the manufacturing sector ending before it began? Both we and the market consensus anticipated that the increase in the index in Ma
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