Business activity in the eurozone contracted further in May, weighed down by weak demand caused by the Middle East war, a key survey showed Thursday.

Germany's flash Composite PMI fell to 48.3 in April, marking a second straight month of private-sector contraction as the Iran-Middle East conflict hammers services.

Euro-zone composite PMI drops below 50 for second straight month, hitting a 2.5-year low. ECB rate cut expectations grow, with implications for crypto markets.