Data on manufacturing activity in the euro area again disappointed investors. Thus, manufacturing PMI fell in September to the level of 50.3, compared with an expected 50.5. This figure was the lowest since July last year. It is worth recalling that the index below 50.0 indicates contraction in the sector and the higher one - its expansion. It is worth noting that a similar figure for the individual Eurozone countries is below 50.0. Thus, in Germany the value is 49.9, and 48.8 in France. Deflation risks continue to put pressure on the European stock market and stimulating measures from the ECB cannot change the situation. In this regard, we reiterate our negative medium and long term outlook for the stock markets in the Eurozone.