Euro Area’s Economic Struggles Persist as Industry Slump Deepens

• The continuing decline in German manufacturing is starting to look increasingly worrying, with Purchasing Managers Index data for the sector this morning coming in at the lowest level in seven years.
• That 43.1 reading for July and a worse-than-expected reading for France dragged down Markit’s composite PMI reading for the euro area to 51.5 -- well below expectations.
• The data comes as the European Central Bank governing council meet to make their monetary policy decision, announced tomorrow. U.S. PMI data is due at 9:45 a.m. Eastern Time. 

(Source: Bloomberg)