Eurozone composite PMI hits three-month high.

The preliminary Markit composite PMI for the eurozone printed at 47.7 in May which, albeit still squarely in contraction territory, is still a three-month high. Both services and manufacturing "saw an easing in the rate of decline" but employment dropped for the seventeenth straight month. Ultimately, "the eurozone's second recession in five years looks set to drag into a seventh successive quarter," Markit's chief economist  said. Individually, Germany's flash PMI came in at 49.9, showing weakness across the currency bloc continues to weigh on the region's largest economy