Eurozone economic activity contracts amid COVID-19 resurgence

23.10.2020 - Evdokimov Roman
Eurozone economic activity contracts amid COVID-19 resurgence

Economic activity in the European continent contracted once more in October as the resurgence of COVID-19 cases across the region had many worried for recession in the Eurozone, according to a survey revealed on Friday.

The reimplementation of lockdown measures had forced many businesses in the bloc’s dominant service industry to limit operations, with nearly 90% of economists in a Reuters poll forecasting the pandemic to completely halt economic recovery.

IHS Markit’s Flash Composite Purchasing Managers’ Index fell to 49.4 from September’s final reading of 50.4, only fractionally better than the 49.3 predicted in a Reuters poll.

That headline PMI was dragged down by the service industry’s PMI, which sank more than expected to 46.2 from 48.0.

Meanwhile, Britain’s economic recovery also lost steam as restrictions hit businesses in the hospitality and transport sectors.

Risk disclaimer "PROMETHEUS LTD – Trust Company Complex, Ajeltake Road, Ajeltake Island, Majuro, Republic of the Marshall Islands MH96960 is a financial services institution outside the European Union Area, which is subject to the supervision of the IFMRRC Certificate 0395 AA V0155 Trading in Forex/ CFDs and Other Derivatives is highly speculative and carries a high level of risk. It is possible to lose all your capital. 70% of trading deals can be unprofitable. These products may not be suitable for everyone and you should ensure that you understand the risks involved. Seek independent advice if necessary. Speculate only with funds that you can afford to lose. This Website may contain information in particular regarding financial services and products that could be regarded b a E.U. supervisory authority as an offer of financial services targeted in Europe. ESMA intervention measures do not apply to customers of PROMETHEUS LTD and it is your responsibility to choose a company which is most suitable for your trading needs. By clicking continue you confirm that you have read, understood and agree to the risk disclosures, terms of service, cash policies, privacy policies and this notice and that you are visiting this website on your own initiative, without any encouragement whatsoever from or PROMETHEUS LTD." Cookies notification: We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we assume that you are happy with it. Read more. Continue

Help with deposit?