European business activity falls to near three-year low
Activity at European businesses hit a near three-year low in May and the euro dropped sharply to $1.2515, its lowest level since July 2010.
May 24, 2012
(BBC NEWS) LONDON - Activity at European businesses hit a near three-year low in May, according to a survey by Markit.
Its index, based on a survey of purchasing managers in the manufacturing and service sector, fell to 45.9 in May, a 35-month low.
In response, the euro fell to $1.2515 against the dollar, a 22-month low.
A summit of European leaders on Wednesday evening failed to boost confidence, as leaders disagreed over how to tackle the crisis.
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