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There are further signs that Eurozone economy has paused for breath as the region’s PMI composite index dropped to 54.1 in May, from 55.1 in April, which is an 18 month low, points out the research team at RBS.

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“The rate of expansion cooled down amid softer rises in business activity, new orders, employment and backlogs of work. A higher than usual number of public holidays, which workers bridged on to weekends, played a role. Margins were squeezed as input costs rose faster then selling prices. The good news is that the headline survey reading still points to a decent pace of growth for the eurozone.”