STOCK MARKET WATCH -- Friday, 4 May 2012

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48. Misery builds for the euro zone

http://uk.reuters.com/article/2012/05/04/uk-global-economy-idUKBRE8430OD20120504

(Reuters) - The euro zone economy worsened markedly in April, according to business surveys that clashed with the prospect of a gradual recovery augured by European Central Bank President Mario Draghi this week.

Friday's purchasing managers indexes (PMIs), primarily covering services, suggested a recession across Europe's currency union could now extend to mid-year and be deeper than previously thought.

They did, however, indicate better progress among Chinese companies.

Jobs data from the United States due at 01:30 p.m. could further underline the euro zone's status as the global economy's slowpoke, with analysts expecting a modest improvement in the number of workers added to U.S. payrolls added in April.

Following the European Central Bank's policy meeting on Thursday, President Mario Draghi spoke of a gradual economic recovery taking place in the euro zone during the course of the year, although he did speak about risks.