- Markit's chief economist Chris Williamson
Eurozone's services and manufacturing output contracted at a faster than predicted pace, as region's recession deepened. Markit, a market research group, reported on Wednesday eurozone's manufacturing purchasing managers' index dropped to a seasonally adjusted 45.3 in October, compared to a reading of 46.1 in September. While the business activity contracted at its fastest pace since June 2009, region's debt reached 90 per cent regional gross domestic product in the second quarter of 2012.
"The eurozone has slid further into decline at the start of the fourth quarter," said Markit's chief economist Chris Williamson.
"The euro-zone recession is still getting worse," said Holger Schmieding, chief economist at Berenberg Bank in London. "In a disappointing set of data, the fact that the Ifo expectations index did not decline further offers the only ray of hope. In this sense, the survey results today do not dispel the hope that the euro economy could turn the corner early next year."
The Stoxx Europe 600 Index jumped 0.42 per cent to 269.52. Germany's DAX Index rose 0.27 per cent to 7,192.85 and France's CAC 40 Index added 0.59 per cent to 3,426.49.
© Dukascopy Bank SA