According to analysts at the Royal Bank of Scotland, the Euro area economy is stalling with the region’s ‘flash’ composite PMI for September fell to 50.4, a whisker above the magic 50-mark, below which signals a recession.
Key Quotes
“The decline in the manufacturing sector is already deepening. Its PMI dropped to 45.6, the lowest since 2012. That was the year the ECB’s President Draghi made his legendary promise “to do whatever it takes” to save the euro. With German manufacturing seeing the steepest drop since 2009, it’s no surprise the ECB is again on the offensive.”
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