Euro zone factory downturn deepens in May despite price cuts

LONDON: The downturn in euro zone manufacturing activity deepened in May as demand slumped despite factories cutting prices for the first time since September 2020, according to a survey which painted a gloomy outlook.

Compiled by S&P Global, Thursday's HCOB final manufacturing Purchasing Managers' Index (PMI) fell to 44.8 from April's 45.8, just ahead of a preliminary reading of 44.6 but below the 50 mark separating growth from contraction for an 11th consecutive month.