Perhaps lost in all the frenzy about the end of QE is what seems to be an improving picture - or one that's less worse - in the eurozone, where flash manufacturing PMI edged up to a 16-month high of 48.7 in June from 48.3 in May and topped consensus of 48.6. While business activity contracted, says Markit, "there are reassuring signs that the downturn is continuing to ease." Markit even forecasts a "return to growth" in Q4.
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