10/3, 10:00 AM (Source: TeleTrader)
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Eurozone manufacturing PMI at 27-month low in Sept.

The Eurozone Manufacturing Purchasing Managers Index (PMI) stood at 48.4 in September, down 1.2 index points from the previous month and 0.1 index points lower compared to an earlier estimate, according to the final report by the S&P Global published on Monday. The September 2022 reading was also the weakest since June 2020.

The overall decline was primarily attributed to contractions in output, new orders and demand. Among euro area countries whose manufacturing indexes are monitored, only the Republic of Ireland recorded positive growth in September. Greece, the Netherlands, Spain, Austria, Italy, Germany and France were all below the 50-point neutral mark.

"The ugly combination of a manufacturing sector in recession and rising inflationary pressures will add further to concerns about the outlook for the eurozone economy. Excluding the initial pandemic lockdowns, eurozone manufacturers have not seen a collapse of demand and production on this scale since the height of the global financial crisis in early-2009," S&P Global Market Intelligence Chief Business Economist Chris Williamson wrote.

Baha Breaking News (BBN) / MS