Eurozone PMI improves markedly but recession still on.

Eurozone manufacturing PMI rose to a 15-month high of 48.3 in May from 46.7 in April, with the downturn easing across the bloc, although price deflationary pressures remained. Of particular note was Spain, whose PMI jumped to its best level in two years with an increase to 48.1 from 44.7. However, the overall eurozone data "still suggest that GDP is likely to have fallen 0.2%" in Q2, says Markit, extending the eurozone's recession into a seventh quarter