Euro-zone flash manufacturing PMI arrives at 47.7 in May, missing estimates

The Euro-zone manufacturing sector activity showed no signs of improvement and drifted further into contraction territory in the month of May, the latest manufacturing activity survey from IHS/Markit research showed.

The Euro-zone manufacturing purchasing managers index (PMI) came in at a 2-month low level of 47.7 in May vs. 48.1 expected and 47.9 in the previous month while the services PMI fell to 4-month lows - 52.5 vs. 52.8 in April.

Meanwhile, the IHS Markit Euro-zone PMI Composite index ticked higher to a 2-month high level of 51.6 in May from 51.5 recorded previously.