Hayes said it straightforwardly: "Terrible data." The market hasn't fully priced it in yet, right?

According to Jiebjie.com news, S&P Global data shows that France’s private-sector economic activity shrank at the fastest pace in more than five and a half years in May, reflecting an acceleration in the slowdown in services activity and another decline in manufacturing output. France’s May services PMI preliminary reading came in at 42.9, while the composite PMI preliminary reading was 43.5—both at their lowest levels in 66 months. The manufacturing PMI preliminary reading, meanwhile, fell from 52.8 in April to 48.9. Joe Hayes, Chief Economist at S&P Global Market Intelligence, said the preliminary PMI survey data for France in May provides a series of alarming figures: the inflationary impact of oil price shocks continues to spread, and the price indices in both manufacturing and services have risen again. He added that what is particularly worrying is that new private-sector orders in May fell sharply, clearly indicating that this shock has substantially increased recession risk for the eurozone’s second-largest economy.