Watch – Germany stumbles as eurozone PMI hits three-year low

A key indicator of the health of the eurozone's economies, the composite purchasing manager's index, has tumbled to its lowest level in three years, at 45.7. It is the ninth consecutive month below 50, the watershed between growth and contraction.

Weakness was spread across all the major eurozone economies, with the rate of decline in Germany quickening. Surveyor Markit said it corresponded to a quarterly 0.5% economic contraction for the entire eurozone.