Euro zone October PMI at near 3-year low

Euro zone business activity took a surprise turn for the worse this month as demand fell in a broad-based downturn across the region, a survey showed, entering the fourth quarter on the wrong foot and suggesting the bloc may slip into recession, Report informs referring to Reuters.

Tuesday’s purchasing managers’ survey will likely make disappointing reading for the European Central Bank, which meets on Thursday, and market pricing now suggests ECB President Christine Lagarde’s ‘higher-for-longer’ interest rate narrative may not last as some expect.

HCOB’s flash euro zone Composite Purchasing Managers’ Index (PMI), compiled by S&P Global and seen as a good guide to overall economic health, fell to 46.5 in October from September’s 47.2 and its lowest since November 2020.

Outside of the COVID-19 pandemic months it was the lowest reading since March 2013.

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