European stocks decline as investors react to euro zone data

European stocks declined on Thursday morning as euro zone PMI (purchasing managers’ index) data indicated another slowdown in activity for the region’s manufacturing and services industry in May.

Germany’s DAX index and France’s CAC 40 each fell by 1.3% while Britain’s FTSE 100 slid 0.9% lower. Due to the Ascension Day public holiday, markets are closed in Switzerland, Austria, Norway, Sweden and Denmark.

IHS Markit euro zone PMI data Thursday morning showed that economic activity contracted less drastically in May, with many countries in the bloc taking steps to reopen their economies.