Kaspar Brzeski, the director of macro research of ING, said that the latest PMI data for the Eurozone has poured cold water on expectations for economic recovery this year. He said the decline in PMI in July put the European Central Bank's forecast for economic and future activities in the second quarter at risk. Activities in both manufacturing and services sectors are slowing down, with the index in Germany deteriorating especially. He said the forecast made by the European Central Bank in June was premature, and given the latest developments, such a forecast "looks increasingly immature."