FXStreet reports that analysts at Nordea note that the euro-area PMIs for April tell the full effect of the coronavirus shutdowns and show a record collapse in business activity across services and manufacturing.

“The PMIs for April crashed, beyond the dramatic drop saw in March. The composite index dropped to 13.5 from 29.7 last month, the steepest fall ever.”

“The decline remained biggest in the service sector PMI, which fell to 11.7 from the already very low level of 26.4 in March.”

“The impact of the lockdowns has caught up with the manufacturing sector as well. The manufacturing PMI fell to 33.6 from 44.5 in March.”