WHAT HAPPENED? The eurozone’s PMI Composite has recovered from its 13.6 record low in April slightly more than expected to 30.5, driven by manufacturing and even more by services. Outside Germany and France, the rebound seems to have been stronger in heavily virus-affected regions like Italy and Spain. The UK’s overall purchasing manager sentiment recovered similarly to the eurozone. And in the US, with its delayed coronavirus outbreak and less extreme April PMI setbacks, the indices turned upward in services to a slightly higher 36.4 May composite level. Nevertheless, 2.4 million more American jobless claims in the week to 16 May add up to an incredible 38.6 million in the last nine weeks. So all Western regional May PMIs recovered strongly, however they clearly lag China's more V-shaped March recovery, even above the 50- expansionary level.