Eurozone economy falls more than expected in December

Data released by Markit today showed that the composite Purchasing Managers' Index, which combines the industrial and service sectors in the euro zone, fell to 53.4 points in the first half of December, compared to 55.4 points in November, the lowest level since March. The services purchasing managers' index fell to 53.3 points in the first half of December, compared to 55.9 points in November, the lowest level in eight months, with the new business index falling to 52.6 points in December, compared to 54.2 points in November.

The manufacturing purchasing managers index in the euro area fell to 58.0 points in December from 58.4 points in November, the lowest level in 10 months, and the indicator measuring the output that feeds the composite PMI rose to 53.9 points in December from 53.8 points in November.