The final figure of November euro zone manufacturing PMI confirmed the first estimate, which showed a decline from 47.1 in October to 46.4 in November, the lowest level since July 2009. The manufacturing PMI was below 50 for all covered nations, for the first time since mid-2009. Only in Italy and Greece, manufacturing PMI picked up from the previous month. Production and new orders contracted at the fastest rate in two and a half years. Weakness in orders was both based in domestic and export orders. The weakening in orders and stress on financial markets led to job losses, for the first time in more than 1.5 year. The figures indicate that the downturn is broadening in the euro zone as all countries saw their output fall, which is now also translating into job cuts. As orders are rapidly contracting, we believe that weakness will persist in the coming months.