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Eurozone Final PMI Hits 17-month Low in April Amid Middle East War

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The euro area's private sector fell into contraction in April amid a decline in business activity as the war in the Middle East continues, according to final data from S&P Global published Wednesday.

The seasonally adjusted S&P Global Eurozone Composite PMI Output Index fell to a 17-month low of 48.8 in April, compared with the previous month's 50.7 and the flash estimate of 48.6. The final reading marks the first time the index stood below the neutral 50 threshold in almost one-and-a-half years.

Meanwhile, the services PMI came in at 47.6, against the prior month's 50.2 and the initial reading of 47.4.

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