Eurozone PMIs "Paint A Disheartening Picture" Of The Economy

On the heels of Christine Lagarde's more-hawkish-than-The-Fed comments yesterday, the European Union's economy appears to be deteriorating faster than anticipated. The Euro area composite flash PMI fell by 0.6pt to 47.0 in December, below expectation, raising the risk that the region may experience a recession in the second half. As S&P Global noted: "Once again, the figures paint a disheartening picture as the Eurozone economy fails to display any distinct signs of recovery," adding that, "On the contrary, it has contracted…