The latest composite purchasing managers index (PMI) for the Eurozone came in slightly better than expected, helping to ease fears of a slowdown in the economic bloc.

The reading, from IHS Markit, of 55.2 for April was unchanged on the March figure but came in better than the decline to 54.2 forecast by economists.

The release follows a string of negative data on the Eurozone which has led to some speculation the European Central Bank might step back from an expected winding down of financial stimulus by the end of 2018.

IHS Markit chief business economist Chris Williamson says a decline in the PMI from January’s highs is ‘neither surprising nor alarming’.

‘However, it’s also clear that underlying demand has weakened, in part due to exports being hit by the stronger euro,’ he says. ‘With companies’ future optimism having slipped to the lowest since last year, it looks likely that growth may well slow further in the coming         months.’ (TS)

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