|Steady PMIs, sluggish China puts brakes on European shares|
By Marc Jones LONDON (Reuters) - European shares edged down on Wednesday after three days of gains as data showing China's economy was still stuttering offset some broadly reassuring European purchasing manager index (PMI) numbers. Data compiler Markit's monthly PMI figures, seen as good indicators of future growth, showed that while France's economy was still a drag, Germany was continuing to power the euro zone's recovery. AUSSIE SLIDES In Asia, China's stock markets had fallen again and the yuan tumbled to 16-month low after a survey showed manufacturing activity in the world's second-biggest economy was still slowing in April.
|Euro zone private sector on strong footing but still slashing prices: PMIs|
We are looking at 0.5 percent quarter-on-quarter GDP growth if we continue to see this level," said Chris Williamson, chief economist at Markit. Inflation fell to just 0.5 percent in March, its sixth straight month in what European Central Bank President Mario Draghi has called a "danger zone" below 1 percent and keeping pressure on the ECB to intervene. However, Markit's flash Composite Purchasing Managers' Index, which is widely regarded as a good gauge of growth, suggested the economic support, at least, may not be necessary.
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