The eurozone’s purchasing managers’ index (PMI) has fallen to a three-year low in October, at 46.5, marking a clear slowdown. Economists had predicted a slight improvement to 47.4. This data suggests the eurozone may face a mild recession in the second half of 2023, with two consecutive quarters of negative growth. The main factors contributing to this downturn include a rate-hiking campaign by the European Central Bank, a slowing global economy, and rising energy prices due to the Middle East conflict. The economic situation in the eurozone is further complicated by tightening credit standards and rising borrowing costs.
Stock market news today: Stocks rally, tech surges after Fed leaves rates unchanged
On Wednesday, US stocks rallied as the Federal Reserve opted to maintain interest rates at their highest range in 22...