There were some contradictory economic data for the euro area on Monday.
Industrial orders rose 1.9 percent in August, rebounding after a 1.6 percent fall in July.
However, flash data from purchasing managers surveys are pointing to a possible recession for the euro area, according to Reuters:
The euro zone's private sector tipped further into decline in October, according to business surveys on Monday that showed the bloc's economy is in serious danger of lurching from stagnation into outright recession...
The composite PMI ... fell sharply, from 49.1 in September to 47.2 this month...
The flash services PMI fell to 47.2 this month from September's 48.8 while the manufacturing PMI slipped to 47.3 in October from 48.5 last month.
In contrast, a similar report for China eased recession fears there. The flash HSBC PMI rose to 51.1 in October from 49.9 in September. It was the first time the PMI has been above 50 since June.
The US economy also appears to have improved. The Chicago Fed National Activity Index increased to minus 0.22 in September from minus 0.59 in August. The three-month average increased to minus 0.21 in September from minus 0.28 in August. The Chicago Fed says that this suggests that growth was below its historical trend in September.
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