Euro zone business growth slumped to a two-year low in October. IHS Markit’s Euro Zone Composite Final Purchasing Managers’ Index (PMI), seen as a good guide to economic health, fell to 53.1 in October from September’s 54.1, its lowest since September 2016. Though dovish the reading was above a 52.7 flash estimate and still
higher than the 50 mark which separates growth from contraction.
Germany PMI also beat its estimates and still showing expansion but dropped from 55.9
to 54.7 in October, marking a 3-month low. Factory orders posted a gain
of 0.3% in September, beating the forecast of -0.4% a significant drop from the August reading of 2.0%.
In early Tuesday session the Euro is trading at 1.1402 versus the dollar, down 0.05% on the day.