Is Europe finally generating some economic momentum at home? The latest purchasing managers’ indexes (PMIs) suggest yes. But the official retail sales numbers make it clear that this dynamic is vulnerable. The services PMIs for April published Wednesday painted a positive picture for the eurozone’s biggest economies. Indeed, apart from the German PMI, they beat market expectations and in Spain’s case suggested downright ebullience. On the other hand, eurozone March retail sales numbers showed a month-on-month contraction and a relatively modest 1.6% annual growth rate. So what’s going on? First, it’s worth noting ... (full story)