The S&P Global euro zone Composite Purchasing Managers' Index fell to 50.7 in March from 51.9 in February, slightly higher than a preliminary estimate of 50.5. This indicates that the euro zone economy has already been hit hard by the Middle East war. New business saw a decline in March, driven by weaker demand for services and decreased export orders. Spain led the growth among major economies, while France and Italy contracted. Input cost inflation rose to its highest in over three years, and firms raised prices at the fastest pace since February 2024. The survey's signal for first-quarter gross domestic product growth was 0.2%, with a risk of contraction unless the Middle Eastern conflict is resolved.