Eurozone PMI Hits 48.6, Signals -0.1% Q2 GDP Contraction on Services Slump

Eurozone's flash composite PMI fell to 48.6 in April from 50.7 in March, signaling a mild -0.1% GDP contraction in Q2 driven by services PMI plunging to 47.4 versus 49.8 expected. Initial flash data at 08:00 GMT highlighted the services miss, while manufacturing beat forecasts at 52.2 versus 50.9; full details at 08:02 confirmed the composite contraction. EUR/USD dipped to around 1.17, down 0.02%, fueling bearish euro sentiment amid rising price pressures and growth worries.