Flash PMI data for the G4 developed economies remained largely unchanged in October as rising COVID-19 restrictions slowed recovery, especially in the service sector, according to IHS Markit. In the U.S.’s business activity expanded in the fourth consecutive month in October.
- Europe’s flash output index at 51.9, down from September’s 52.0, below the recent post-pandemic peak of 52.5 recorded in August
- European reading is consistent with the global economic growth of just over 2%, annual rate.
- Although G4 manufacturing output growth accelerated the fastest since September 2018, the service sector waned for a second month.
- New orders for goods and services slowed among the G4 economies for a second month.
- In the U.S, strong growth was led by the relaxation of COVID-19 containment measures despite rising virus numbers.
European stocks are declining. DAX is down 3.61%, FTSE 100 is down 1.19%, CAC 40 is down 1.83%
