09.21 Markets have been hit by those figures. The CAC is down 0.2pc, the DAX has lost 0.3pc, the IBEX has fallen 0.9pc and the MIB is off 0.9pc. Only the FTSE 100 is up so far - by 0.3pc. 09.19 Here are those PMI figures in comparison. The gap between "core" euro area nations and the periphery narrows, as usual stalwarts of France and Germany falter. 09.04 German 10-year bond yields hit record low. Business confidence in the country has dropped unexpectedly sharply in May, as pessimism grew due to the resurgence of the long-running the eurozone debt crisis. Eurozone manufacturing PMI falls to 45 (contraction) in May from 45.9 in April. Analysts expected 46. Services PMI falls to 46.5 from 46.9. Analysts expected 46.7. Worst PMI monthly downturn in three years. 08.49 UK's 10-year bond yield has fallen to 1.740pc this morning - a record low. UK being seen as a safe haven from perils in eurozone. Nicholas Spiro, managing director at Spiro Sovereign Strategy: As far as Greece's possible exit from the eurozone is concerned, it appears that the die has already been cast. Contingency plans are afoot while central bankers are almost falling over themselves to claim a Greek exit would be manageable. What was unthinkable only several months ago is now increasingly seen as inevitable. Markets are pricing in a lot of bad news right now. But the elephant in the room - a messy Greek exit from the eurozone - has yet to be factored in. In our view this is by far the greatest cause for concern. It's difficult to decide which is more worrying: that Germany is selling two-year debt carrying a 0pc coupon or that yields on 10-year Italian and Spanish paper are hovering near 6pc. Both are glaring examples of an utterly dysfunctional eurozone government debt market. 08.42 German Economics Minister Philipp Roesler has reiterated that eurobonds are the wrong tool to stabilise the euro. 08.39 Telegraph deputy editor Benedict Brogan looks at today's events: Another day of Eurogeddon awaits. Nick Clegg is giving a speech, warning that Grexit could be disastrous for the UK. Follow the day's events on our live blog here. He'll echo the PM's call for "decisive" action, saying that the European response to the crisis has been "woefully fragmented," before adding that Britain must stop treating the euro crisis as a problem that affects only the members of the single currency. He is expected to say: We have created different classes of country: strong and weak, spenders and savers, eurozone and non-eurozone. But these divisions are false. It is piecemeal politics; endless tactics with no strategy. This is a European crisis. It must be solved at the European level. Dave's backbenchers won't like that. And here is David Cameron's reaction to yesterday's EU summit: 08.37 Irish Minister for Foreign Affairs Eamon Gilmore has said his country dosn't have a contingency plan for a Greek exit from the euro. 08.35 Bad manufacturing news from Germany and France, sector still contracting. Will their economies? Next it's the eurozone's PMI at 9am. German PMI manufacturing for May at 45 (contraction), missing estimates of 47. Fallen from prior figure of 46.2. Services PMI remains the same at 52.2. 08.23 European markets have opened: 08.17 Latvia had 5.5pc growth in Q1 - highest in the EU. This comes after 17pc of GDP fiscal consolidation in previous years. 08.06 Markit has said that PMI data for France point firmly towards a contraction in Q2 GDP following stagnation in Q1 It fell to 44.4 in May from 46.9. Analysts expected 47. French private sector activity has hit a three-year low this month. 07.46 Asian markets have closed. Japan's Nikkei closed up 0.1pc, the Hang Seng fell 0.3pc and the Shanghai Composite lost 0.4pc. 07.30 It doesn't get more blunt than this. Citigroup: "Greece will leave EMU on January 1, 2013." Citigroup adds that it expects "some kind of Troika programme for Spain to be agreed late this year or in early 2013." 07.27 German GDP confirmed at 0.5pc in first quarter. Imports rose to 0pc from -0.3pc in the previous quarter. Exports surged to 1.7pc from -1.5pc in Q4 2011. 07.25 Deputy Prime Minister Nick Clegg will warn today that a Greek exit from the euro would be a disaster for the UK. In a speech in Berlin he will dismiss talk that "a Greek exit now is in everyone's best interests." No rational person interested in the wealth and wellbeing of Europe's citizens could advocate taking such a risk; not with Greece's future, or our own. 07.20 A quick look at today's headlines, where Greece dominates: 07.12 While Christopher Hope focused on David Cameron's post-summit comments: Take home fact from the European Union summit? Oh, and the EU leaders are still pushing the Financial Transactions Tax, despite real fears about the future of the eurozone. But he added: Then there was some bad ideas too. French President Francois Hollande gestures as he speaks to the media during a press conference at an EU summit on Thursday (Photo: AP). 07.07 Bruno Waterfield summed-up last night's jaw-jaw as a "vanity summit for Hollande": Mr Hollande was able to come and say that he got a commitment to look at the eurobonds issue, credit lines for banks, FTT, etc, but the problem is that he also got all the usual suspects raising their objections, while a sense of doom on Greece overshadowed the whole affair. One thing is new, six months after Britain's veto of a new EU treaty - the issue is back. After tonight's six hour dinner the eurozone is no closer to solving its problems and the EU's single currency looks no more secure. 07.05 Mr Van Rompuy said yesterday's meeting was about "putting pressure, focusing minds and clearing the air." Here is Mr Van Rompuy's statement in full. You can also read events from last night in our blog. 07.00 The late-night EU summit returned yesterday, as leaders emerged from talks that lasted six hours to an eager press. But they were left largely disappointed. France called for eurobonds. Germany refused. France called again for a European financial transactions tax. Britain refused. Greece just needs some money. Everyone agreed that the country should remain in the eurozone - but at what price?