Markit's preliminary Purchasing Managers' Indexes for Europe's largest economy fell short of expectations –with the manufacturing PMI plunging to 41.4 points – against expectations for a rise. It is already clear that the critical sector – which is 39% of Europe's manufacturing output – is experiencing a recession. The services sector continues enjoying growth according to the forward-looking gauges – but it also dropped more than expected. The figures for France and for the whole euro-zone were also bleak. As a bloc, the euro area is the world's third-largest economy and its gloomy prospects also lead investors towards the havens.