- Chris Williamson, chief economist at Markit
Private-sector activity across the 17-nation eurozone shrank in November, reaching the lowest level since July 2009, adding to concerns that the region's economy is on course for its deepest downturn in more than 3 years. According to the survey, made by Markit, eurozone Purchasing Managers' Output Index fell to 45.7 this month, down from 45.8 in the preceding month. The survey also warned that the eurozone's GDP will drop 0.5% in the fourth quarter.
"The PMI suggests that the downturn is set to gather pace significantly in the fourth quarter. The final three months of the year could see GDP fall by as much as 0.5%," Chris Williamson, chief economist at Markit said.
"Looking ahead, we still think ... the improvement in the global economy, as signaled by the further pickup in the Chinese PMI, will provide some respite to the euro zone economy," said Martin van Vliet, economist from ING.
The Stoxx Europe 600 Index rose 0.59 per cent to 271.70. Germany's DAX Index added 0.84 per cent to 7,244.99, while France's CAC 40 Index soared 0.60 per cent to stand at 3,498.22.
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