Fears about the seriousness of the crisis in the Eurozone are strengthening, in the light the unexpected contraction in activity in March, evidenced by the decline in theComposite PMI index of the Euro area elaborated by Markit, which went from 49,3 to 48,8, against the forecasts of analysts, who expected a rise to 49,7. The index therefore remains well below the 50-point threshold which represents the watershed between expansion and contraction of activity.
It is above all Germany and France that are doing badly, the two locomotives that drive the European economy, which have gone respectively, as regards the composite index, to 51,4 (from 53,2 in February) and to 49,6 (from 50,2, XNUMX points of February). L'the European manufacturing index instead fell back to 47,7 points from 49, while that of services underwent a slighter drop, going from 48,8 to 48,7.
To pay the bill for this uncertainty were the Stock Exchanges, with a negative balance on all the major European markets, while yields on government bonds and the spread rise.
