The Eurozone’s composite Purchasing Managers’ Index (PMI), a monthly survey gauge of private-sector business conditions, held at 52.1 in April 2026, unchanged from March’s final reading, according to S&P Global and Hamburg Commercial Bank (HCOB). The April 23 flash reading remained above the 50 threshold separating expansion from contraction across the 20-nation currency bloc. Services continued to lead growth, with its PMI rising to 53.2 from 52.9, while manufacturing remained in contraction at 48.4, although the pace of decline eased. New business improved slightly on domestic demand, employment rose for a sixth consecutive month at a slower pace, and input-cost inflation fell to a six-month low. Nomura’s assessment also identifies services as the main source of resilience and sees the euro area weathering global headwinds better than expected, while manufacturing remains a weak spot. The firm expects modest but positive growth and a gradual normalization of monetary policy, with a first European Central Bank rate cut likely in the coming months, although the timing remains data-dependent. Markets have reacted with modest optimism but remain alert to trade uncertainty, geopolitical tensions, disinflation, domestic demand and the risk that prolonged manufacturing weakness could spread to services.