Euro zone PMI hits lowest in nearly 3 years, stirs recession worries

• Euro Zone businesses faced a significant setback this October, with a widespread drop in demand, raising concerns about a possible recession. The Purchasing Managers’ Index (PMI) for the region fell sharply, indicating economic challenges.
• Business activity declined across the Euro Zone, including major economies like Germany and France. This downturn hints at economic struggles ahead.
• The European Central Bank (ECB) is likely to be disappointed. Market indicators suggest that ECB President Christine Lagarde’s positive outlook on interest rates might not hold amid this economic downturn.
• Germany, the largest Euro Zone economy, faced a fourth consecutive month of reduced business activity. Both manufacturing and services sectors declined, and consumer sentiment worsened due to high food prices.

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Published date : 25 Oct 2023 03:36PM