With the Middle East conflict already skewing March PMI data and Christine Lagarde sticking to a wait-and-see stance, Thursday’s flash PMI will test whether the Euro Area is drifting toward stagflation or just absorbing a temporary energy shock. Can the composite hold above 50, or will the strain on consumers and businesses finally drag the headline into contraction territory? Here are points to remember if you're trading the region's April flash PMI releases: