On April 23, Berenberg Bank reported that weak PMI data from the Eurozone indicates a temporary halt in economic growth due to the ongoing conflict in Iran. According to Jin10, the composite PMI fell from 50.7 to 48.6 in April, marking the lowest level since November 2024. Inflation-induced uncertainty and reduced consumer purchasing power have particularly impacted the services sector. While the manufacturing PMI appears stable, the positive momentum is primarily driven by advance orders anticipating future supply bottlenecks. Additionally, longer delivery times have inflated the PMI, as they typically suggest high demand. However, these circumstances are currently attributed to supply shocks, making them unfavorable rather than beneficial.