Summary

• The flash Eurozone PMI indicates that the euro area is facing deepening economic woes from the war in the Middle East, presenting a headache for policymakers.
• April’s flash Eurozone PMI, compiled by S&P Global, has moved into contraction territory for the first time since late 2024.
• Manufacturers have increased their buying of inputs to a degree not witnessed since early 2022, as supply chain delays have also risen to the most widespread since the pandemic.
• While high energy prices were widely cited in April, prices are rising for a wide variety of goods and services in part due to escalating supply shortages.

The flash Eurozone PMI indicates that the euro area is facing deepening economic woes from the war in the Middle East, presenting a headache for policymakers. The conflict has pushed the economy into decline in April while

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