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As Europe Wakes From Nightmare, Recovery To Be ‘Frustratingly Slow’

"... businesses that are able to restart will be running at low capacity, and will be operating in an environment of greatly reduced demand."

Final reads on Europe's manufacturing PMIs highlighted the severity of the bloc's economic slump on Monday, adding to the bad vibes from rising Sino-US tensions. "The [data] is indicating an industrial sector that has collapsed at a quarterly rate of decline measured in double digits, and any recovery will be frustratingly slow", IHS Markit's chief business economist Chris Williamson warned. "Steps needed to keep workers safe will mean even businesses that are able to restart production will generally be running at low capacity, and most will be operating in an environment of greatly reduced demand", he added. The final print for the Eurozone manufacturing PMI in April is 33.4, down slightly from the flash read. It's the lowest point in series history dating back to 1997. Gauges for France and Italy also saw record lows last month, while Spain and Germany's prints are the worst in more than a decade. Italy, Spain, Greece, Portugal and Germany are all set to relax lockdown and containment protocols this week, but the "new normal" will be characterized by reminders of the virus's capacity to resurface in the absence of caution. Masks will be worn, services will be subject to li
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