Growth of Eurozone Business Activity Slows in November
Eurozone business activity growth was much weaker than expected in November, amid sharp fall in exports. It was reported, that Eurozone Manufacturing PMI fell to 51.5 in November, while Services PMI dropped to 53.1. Meanwhile, IHS Markit's Flash Composite Purchasing Managers' Index fell to 52.4, its lowest since late 2014, from a final October reading of 53.1, missing the expectation for a modest dip to 53.0.
An index measuring new export business, which includes trade within member countries, fell from 49.2 in October to 48.9 in November and showed the lowest level since September 2014.
Against the backdrop of the ongoing trade war between the United States and China, which is affecting export-sensitive economies such as Germany, the business expectations index in the Eurozone's largest economy fell to 60.3 from 62.1, the lowest in almost four years. Germany's Manufacturing PMI fell to 51.5 from 52.0 in October. The German Services PMI fell to 51.6 from 52.2 in October.