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Covid-19 has cut short a nascent recovery in housing market activity.
The rise in the Markit/CIPS services PMI to a nine-month high of 51.4 in July, from 50.2 in June, isn't a game-changer, though it does provide some reassurance that the economy isn't on a downward spiral.
Emerging evidence suggests that the economy has passed the period of peak Covid-19 pain.
The limited data available on the state of the labour market, since the government forced businesses to close two weeks ago, paint a disconcerting picture.
We're sticking to our call that the Eurozone PMIs have bottomed, though we concede that the picture so far is more one of stabilisation than an outright rebound.
Last week finished as it started, with more depressing economic numbers in the Eurozone, this time from manufacturing in the core economies.
Business investment in Japan took a nasty hit in the third quarter.
Manufacturing in France remained on the front foot at the start of Q4.
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