Eurozone economic activity shrank more than expected in July

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Europe

Eurozone economic activity shrank more than expected in July

The Euro has fallen against the dollar on Monday as new data shows that Europe is running the risk of a recession, with a key measurement of economic activity falling to an eight-month low. France and Germany have been hit the hardest. The S&P Eurozone Purchasing Managers Index, or PMI, which tracks how businesses are buying goods, slumped to an eight-month low of 48.9, moving further below the 50 mark that separates growth from contraction. Manufacturing is slowing down across the bloc, despite cheaper energy and raw material costs compared to last year's highs. Analysts say the slowdown is due to higher interest rates from the European Central Bank, which is trying to bring inflation down from its current 5% down to a target 2% rate.