The euro zone economy fell further in July, raising concerns that the bloc could slip into recession. German 10-year bond yields plunged 20 basis points, their biggest weekly drop since the March banking crisis. The initial value of the Eurozone services PMI in July was 51.1, compared with the expected 51.6 and the previous value of 52. Weak demand led to the biggest drop in euro zone manufacturing orders since 2009, while services orders fell for the first time in seven months. The euro zone's economy slipped further in July, raising concerns that the bloc could slip into recession and could increase calls for the European Central Bank to halt its rate hikes after Thursday's 25 basis point hike. It deepened further early in the third quarter and showed it was shrinking.