European Markets Wrap-Up: UK economic activity slides in May on Middle East conflict, political turmoil

Thursday, 21 May, 2026 News UK economic activity slides in May on Middle East conflict, political turmoil Services PMI 47.9 vs 51.7 expected Prior 52.7 Manufacturing PMI 53.7 vs 53.0 expected Prior 53.7 Composite PMI 48.5 vs 51.6 expected Prior 52.6 Ouch. That's a big miss on the services print as busines News Pakistan army chief's reported visit to Iran stirs up murmurs about an agreement Earlier in the day, Iran media reported that Pakistan’s army chief was due in Tehran on Thursday. Adding that this is largely to continue mediating the situation with the visit aimed at continuing "ta Learn more News Euro area economic activity falls at quickest pace in over two years in May Services PMI 46.4 vs 47.7 expected Prior 47.6 Manufacturing PMI 51.4 vs 51.8 expected Prior 52.2 Composite PMI 47.5 vs 48.8 expected Prior 48.6 The fallout from the Middle East crisis intensifies as e News German business activity falls for a second consecutive month amid rising cost pressures Manufacturing PMI 49.9 vs 51.0 expected Prior 51.4 Services PMI 47.8 vs 47.0 expected Prior 46.9 Composite PMI 48.6 vs 48.4 expected Prior 48.4 After the dismal French numbers earlier, this is arguabl News French economic activity falls markedly in May, steepest decline in five-and-a-half years Services PMI 42.9 vs 46.6 expected Prior 46.5 Manufacturing PMI 48.9 vs 52.2 expected Prior 52.8 Composite PMI 43.5 vs 47.7 expected Prior 47.6 Welp, there goes the floor. The pain is starting to hit Forex Orders FX option expiries for 21 May 10am New York cut There aren't any major expiries to take note of on the day, with the full list seen below. Trading sentiment continues to revolve around the broader market mood, with dollar sentiment still being the Central Banks BOJ policymaker Koeda: Inflationary risk is already materialising Risk of inflation overshoot is bigger than risk of recession For now, not expecting a sharp deterioration in the economy But depending on Middle East conflict, our view on economic outlook could chang Central Banks ECB policymaker Rehn: We are moving towards the adverse scenario In the adverse scenario, it may be warranted to raise interest rates for the sake of credibility Don't see any significant deviation in medium to long-term inflation expectations Wage growth is still Learn more News One headline is all it takes.. It don't matter the context and it certainly don't matter the veracity of the comment. In this market, it seems that what matters is just the who. And when Trump says something, markets move. In the l

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