Eurozone business activity grows at fastest pace in almost a year

Investor morale improved in May to its highest level in more than two years

Eurozone business activity expanded at its fastest pace in almost a year last month.

Eurozone business activity expanded at its fastest pace in almost a year last month as a resurgence in the bloc’s dominant services industry more than offset a deeper downturn in manufacturing, a survey showed on Monday.

Hamburg Commercial Bank’s (HCOB) composite Purchasing Managers’ Index (PMI) for the currency union, compiled by S&P Global and seen as a good gauge of overall economic health, bounced to 51.7 in April from March’s 50.3, surpassing a preliminary 51.4 estimate.