Eurozone business growth below all expectations
November PMI dips to 51.4, points to 0.1-0.2% GDP growth in current quarter
London
EUROZONE business growth has been weaker than any forecaster expected this month and new orders have fallen for the first time in more than a year despite further price-cutting, a survey showed on Thursday.
Markit's Composite Flash Purchasing Managers' Index (PMI), based on surveys of thousands of companies and seen as a good growth indicator, fell to 51.4, missing even the lowest forecast in a Reuters poll. "This is going to be a huge disappointment for the European Central Bank. This is the eurozone more or less just continuing to stagnate, a renewed downturn is an increasing likelihood," said Chris Williamson, survey compiler Markit's chief economist.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
International
Outgoing Singapore, Indonesia leaders to hold their final retreat in Bogor on Apr 29
Beijing city to subsidise domestic AI chips, targets self-reliance by 2027
China passes tariff law as tensions with trading partners simmer
Blinken meets Chinese counterpart Wang Yi in Beijing
South Korea’s public finances no longer a credit rating ‘strength’: Fitch
UK consumer confidence improves as inflation and taxes fall