Eurozone business activity stuck in reverse.

 Eurozone composite PMI edged up to 46.9 in April from 46.5 in March, while the services reading increased to 47 from 46.4. The eurozone PMI reading is "broadly consistent with GDP falling at a quarterly rate of 0.4-0.5%," says Markit, which is skeptical that the ECB's "mere 25 bps cut from an already low level will have a material impact on an economy that is contracting so sharply."