French Business Activity Sinks to 14-Month Low on Services

French business activity shrank at the fastest pace in more than a year, driven by a slump in the services sector as the Iran conflict made consumers more cautious on spending.

S&P Global’s Composite Purchasing Managers’ Index dropped to 47.6 in April from 48.8 the previous month — remaining below the 50 mark separating expansion from contraction for a fourth month and reaching a 14-month low. Analysts polled by Bloomberg had expected a dip to 48.6.