- Analytics
- News and Tools
- Market News
- Eurozone: S&P Manufacturing PMI drops to 46.6 in October vs. 47.8 expected
Eurozone: S&P Manufacturing PMI drops to 46.6 in October vs. 47.8 expected
- Economic activity in the eurozone's private sector continued to contract in early October.
- EUR/USD stays under modest bearish pressure, trades below 0.9850.
S&P Global Manufacturing PMI for the eurozone slumped to 46.6 in October's flash estimate from 48.4 in September, coming in weaker than the market expectation of 47.8 and revealing ongoing contraction in the business activity.
In the same period, the Services PMI edged lower to 48.2 from 48.8 as expected and the Composite PMI declined to 47.1 from 48.1.
Commenting on the data, "the eurozone economy looks set to contract in the fourth quarter given the steepening loss of output and deteriorating demand picture seen in October, adding to speculation that a recession is looking increasingly inevitable," noted Chris Williamson, Chief Business Economist at S&P Global Market Intelligence.
Market reaction
The EUR/USD stays on the backfoot after these data releases and was last seen losing 0.3% on the day at 0.9830.
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
