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Eurozone business growth remains weak despite steep price cuts

London

EUROZONE business growth picked up less than expected in October despite another, deeper round of price cuts, according to surveys that are unlikely to ease simmering tensions among the bloc's central bankers.

Companies have been discounting prices for over 2-1/2 years and did so last month more steeply than at any time since early 2010, when the single currency area was mired in a sovereign debt crisis.

Weak growth in services and manufacturing despite further discounting will add to pressure on the European Central Bank (ECB) on the eve of a policy meeting, as it seeks ways of warding off deflation and bringing inflation - at just 0.4 per cent in October - out of what it terms the danger...

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