The Eurozone just hit a major speed bump, with November's PMI dropping to 48.1 from October's 50.0. Here's the real kicker: the services sector, which had been keeping the economy afloat, finally cracked and joined manufacturing in contraction territory.

Manufacturing's still in the dumps at 45.2 (down from 46.0), but the real story is services falling to 49.2. Haven't seen numbers this bad in months.

Business outlook? Lowest in three years. Orders are down for the sixth straight month, and companies are starting to trim their workforce.

Germany and France are leading the decline, with France posting its worst performance since January.

Inflation's still creeping up, but slower than the year's average. Good luck with reality, Chrissie. Finally the European Communist Bank (ECB) is trapped.