The euro zone released the Purchasing Managers' Indexes for Manufacturing and Services this week, where the manufacturing sector remained contracted in the month of March; however, the performance of the services sector advanced slightly in the month, easing concerns that regarding the almost confirmed recession.

The services sector advanced in March to 49.2 from the previous of 48.8, up from the first reading of 48.7, beating estimates of further contraction.

Accordingly, the PMI composite retreated slight, led by the decline in manufacturing, where the composite index was revised higher to 49.1 from the expected and the first reading of 48.7, yet below the previous of 49.3.