Euro zone services activity contracts for first time in nearly a year

The euro zone services PMI slumped to 47.6 in April, a 62-month low, indicating the first contraction in activity in nearly a year.
The downturn was driven by weakening demand and deteriorating export business, especially in consumer-facing sectors, due to the Middle East war.
The composite PMI fell to 48.8, a 17-month low, with Germany, France, and Spain recording their fastest declines in over a year.
Prices charged by service providers rose at the fastest rate in two years, while input costs hit a three-year high amid energy price pressures.
Business confidence in the service sector fell to a 42-month low, and optimism waned across both services and manufacturing.