The Euro-Zone March manufacturing PMI rose to 34.0 from 33.5 in the previous month, while the services PMI rose to 40.1 from 39.2. Our medians were 33.8 and and 39.6 respectively, so data were better than expected and, in with improvements in national readings earlier this mornings. The composite PMI improved to 37.6 from 36.2, which is still firmly below the 50 point no change mark, thus suggesting ongoing contraction in economic activity, which backs expectations for two more quarters of negative growth. However, the improvement ties in with the fifth consecutive rise in the German ZEW and better than expected Ifo future expectations readings, which in combination suggests that confidence is starting to bottom out.