Eurozone manufacturing PMI in line with flash estimate

Markit’s final Eurozone manufacturing purchasing managers’ index came in at 51.5 in May, in line with the flash estimate but down a touch from April’s 51.7.

This marked the second weakest reading since February 2015 as inflows of new business from both domestic and export markets continued to rise at lacklustre rates.

Chris Williamson, chief economist at Markit, said: "Manufacturing in the euro area remained stuck in a state of near-stagnation in May, failing to break out of the slow growth phase that has plagued producers since February.

“The disappointing performance of manufacturing adds to suspicions that the pace of Eurozone economic growth in the second quarter has cooled after a surprisingly brisk start to the year based on the latest estimate of GDP.”