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Economic activity in Europe is cooling, raising the spectre of an emerging recession in Germany and the whole eurozone.
The main disappointment was the German services sector, where the index fell from 50.3 to 48.0, back into contraction territory, unable to stay in growth territory and much weaker than the expected 50.1.As a result, the PMI for the entire euro area fell to 47.8, the lowest level since February 2021. The composite index fell from 47.2 to 46.5, the sharpest decline since October 2020. The fact that markets had braced themselves for a rise to 47.4 fuelled the sell-off in the single currency.
A close below 1.07 would be a reminder that the pair’s slow recovery from 1.05 levels this month was a correction of oversold and not a trend change.
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