Euro-Zone October manufacturing PMI was revised to 41.1, from 41.3 reported initially and compared to 45.0 in September. This is the lowest reading in the 11 year history of the survey. The output reading fell to 39.8 from 44.1 in the previous months and with the new orders reading confirmed at just 36.2 there is little hope for a quick turnaround in manufacturing activity. At the same time inflation indicators point to a deceleration in both input and output price inflation, which together should give the ECB room for a 50 bps rate cut on Thursday. Meanwhile, German October manufacturing PMI was revised down to 42.9, from 43.3 reported initially. Germany is still holding up slightly better than other Euro-Zone countries, but the reading is now far below the 50 point no change mark and as the crisis intensifies in Eastern Europe, there are fears for the future of German export demand. French PMI was revised down to 40.6 from 40.8 reported initially. The reading is far below the 50 point no change mark, thus indicating ongoing contraction in the French manufacturing sector. Italian PMI fell to 39.7 from 44.4 in September. We had been looking for a reading of 42.0 and our median was 42.5.