47.9 is today's daily digit in Europe. It's the key figure in Markit's latest survey of euro zone manufacturing. It's again below the 50 level that signifies growth, and it's been like that for over a year and a half. Poor manufacturing activity in France offset a return to growth in Germany. The euro zone's second-biggest economy has now been contracting for a year. Michael Ingram is markets commentator at BGC.