Eurozone manufacturing remains firmly in the doldrums.

 Eurozone manufacturing PMI rose to an eight-month high of 46.2 in November from 45.4 in October, although the downturn in activity remained severe. While the picture is "starting to brighten" and manufacturing activity may have "bottomed out" says Markit, official data lags PMI. That means that "the rate of GDP decline is likely to have gathered pace markedly on the surprisingly modest 0.1% decline seen in the third quarter."