Euro zone business activity grows at fastest pace in almost a year, PMI shows

Euro zone business activity expanded at its fastest pace in almost a year last month as a resurgence in the bloc's dominant services industry more than offset a deeper downturn in manufacturing, a survey showed on Monday. "Service providers have now expanded their activity for the third consecutive month, putting an end to the lack of dynamism observed in the second half of last year," said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. The services PMI leapt to 53.3 from 51.5, above the flash estimate of 52.9 and its highest reading since last May.