the flash composite pmi is 46.4 and the manufacturing component dragging that down versus the 46.5 we might have expected and 46.4 in june. so up matching the june level. joining us in the studio is chris williamson, chief economist at market which helped to compile the data. thanks for joining us. let s kick it off with the german number there, because that s weaker aacross the board than we might have thought, and the new orders contracted for the third month in a row. no signs of any stabilization in a contractionary levels. indeed the contraction is getting more severe. that s the key to all surveys out this morning. that german number is coming down. there s some blurring of the data by what s going on in france at the moment. the only area that we saw across the euro zone that saw any sort of improvement was french services. why? well, speculation and we can delve into the evidence that companies give us. it seems like there s some return to normal for some busine