Analysts at Danske Bank note that the euro area economy has been humming at two speeds since the beginning of the year - a swift service sector and a sluggish manufacturing sector, but September has marked this year's first month with a significant slacking in the previously fast-paced service sector activity, as the service PMIs fell to a year-low of 52.0 from 53.5 in August.

• “The slackening comes on the back of deteriorating new business, which furthermore means that new hiring has also been scaled back in the service sector. Hence, signs are growing that the transmission of the manufacturing malaise to the service sector has started, but a severe syndrome is not yet prevailing since the domestic demand indicators of our growth tracker are still in green.
• Patient zero in the euro area is still Germany and many economists (including Mario Draghi) are encouraging Germany to start rehabilitation by ramping up fiscal easing.”