Euro-area PMIs as a whole were only a slight disappointment this time, with both the overall manufacturing and services PMIs edging modestly lower, but the composite output PMI, which measures only the current output, not the other subcomponents, edged up a tad. However, the forward-looking components of the composite PMI, new orders and future output, fell clearly, illustrating the outlook remains fraught with uncertainty. The level of especially the manufacturing PMIs is low. The composite output PMI is still clearly in growth territory, but there are signs the weak manufacturing sector may already be having ... (full story)