Tuesday, 24 September 2019

Eurozone economy “close to stalling” but US economy picks up pace

Markets were mostly lower on Monday.

The S&P 500 was flat but the STOXX Europe 600 fell 0.8 percent and the Shanghai Composite fell 1.0 percent.

Weighing down markets was a report that showed that the flash eurozone manufacturing purchasing managers index fell to an 83-month low of 45.6 in September from 47.0 in August. The flash eurozone services PMI fell to an 8-month low of 52.0 from 53.5 in August

“The eurozone economy is close to stalling as a deepening manufacturing downturn shows further signs of spreading to the services sector,” said Chris Williamson, chief business economist at IHS Markit.

However, the flash US manufacturing PMI rose to a five-month high of 51.0 in September from 50.3 in August while the flash services index edged up to 50.9 from 50.7.

Also, the Chicago Fed national activity index rose to 0.1 in August from -0.41 in the previous month.

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