The latest PMI data suggests the possibility of a mild recession in the Eurozone in H2 and this will add further pressure on the ECB to leave interest rates unchanged at this week’s meeting.
We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.2023-10-24 03:30:00HCOB flash PMIs. The composite index fell to 45.9 from 46.4 in September, while business activity fell from 50.3 to 48.0.
Business activity in France, the Eurozone’s second-largest economy, picked up marginally from September but remained in contraction territory. With the manufacturing sector falling deeper into contraction territory, indicators point to fractionalOverall, the Euro Area economic downturn accelerated at the start of the fourth quarter with the composite index falling to a 35-month low of 46.5 compared to 47.2 in September.
Commenting on the flash PMI data, Dr. Cyrus de la Rubia, Chief Economist at Hamburg Commercial Bank, said: “In the Eurozone, things are moving from bad to worse. Manufacturing has been in a slump for sixteen months, services for three, and both PMI headline indices just took another hit. In addition, all subindices point very consistently downwards, too, with only a few exceptions. Overall, this points to another lacklustre quarter.
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