- European PMI data presented a bleak picture for the Eurozone and its main economies. The Eurozone Composite PMI fell to 48.1 from 50, missing expectations and signaling that the region’s economy is contracting. The data suggested that the services sector fell into contraction, while the downturn in the manufacturing sector gained traction.
- Individual PMI data for both France and Germany also broadly missed expectations. For Germany, the data suggests that economic activity contracted at the quickest rate in nine months, while in France the contraction was the steepest since January.
- Germany’s Gross Domestic Product (GDP) reading for the third quarter came in at 0.1%, downwardly revised from 0.2% in the preliminary reading.
- At 14:45 GMT, S&P Global will release the preliminary Purchasing Managers Index (PMI) reading for the US:
- The Manufacturing component is expected to edge up to 48.8 from 48.5 previously, remaining in contraction.
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