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font size Business activity in the euro zone fell for the second month in a row in October due to weak demand, a high-profile survey showed on Thursday. S&P Global's HCOB Flash Eurozone Purchasing Managers' Index (PMI) recorded a reading of 49.7, compared to 49.6 in September. A number above 50 indicates growth and a number below 50 indicates contraction. “The eurozone is stuck in a bit of a rut,” said Cyrus de la Rubia, chief economist at Hamburg Commercial Bank. “The ongoing manufacturing downturn has been more or less offset by a modest rise in the services sector.” “For…

Demand for services decreased for the second consecutive month in October. New orders fell at the sharpest pace in nine months. Employment across the service sector stagnated. Input prices in the services sector continued to rise significantly, albeit at a slower pace than the series average. However, output prices in the service sector as a whole have been on the rise, offsetting the decline in prices in the manufacturing sector as a whole. Although business confidence weakened, it was still stronger than that of the manufacturing industry as a whole. Germany's private sector faces continued contraction Germany, once the eurozone's…

Eurozone PMIs have been trending downward since June, raising questions about the already fragile economic recovery from the energy crisis. As a result, the European Central Bank has decided to increase the pace of interest rate cuts. Listening to ECB President Christine Lagarde speak at a recent press conference, she seemed to place great importance on the worsening survey data when explaining her decision to cut interest rates in October. This makes today's announcement even more meaningful for the market as more and more markets are pricing in a 50bp rate cut in December. At the IMF meeting in Washington,…

EUR/GBP is suffering losses following the release of Eurozone and German Purchasing Managers Index data. The HCOB Eurozone PMI preliminary report for October was 49.7, an improvement from the previous 49.6. Traders will be keeping an eye on the UK Purchasing Managers Index, due to be released later in the day. EUR/GBP has regained recent gains recorded in the previous session and is trading around 0.8320 in European time on Thursday. The euro continues to be weak against the British pound (GBP) following preliminary HCOB Purchasing Managers' Index (PMI) figures for the euro area and Germany. The HCOB Eurozone PMI…

(Bloomberg) — Bitcoin’s classification as a so-called Trump trade is beginning to be shaken by broader changes in global markets, partly due to the former president’s possible return to the White House. Most Read Articles on Bloomberg Bond yields and the dollar have soared in recent days, with Republican candidate Donald Trump leading Vice President Kamala Harris in prediction markets. One view is that investors are holding back bets on easy monetary policy if President Trump wins on Nov. 5, applying pro-growth policies to the already robust U.S. economy. This tightening in relative financial conditions has spooked Bitcoin and stocks,…

Previously 51.4Manufacturing PMI 45.9 vs. expected 45.345.0 and earlierComposite PMI 49.7 vs. expected 49.8Previously 49.6Manufacturing in the region continues to be in contractionary territory, while service activity continues to slow further into the fourth quarter. After all, the eurozone economy faced stagnation in October, reaffirming that it is stuck in a rut. In detail, while new orders have decreased for the fifth consecutive month, the demand environment remains weak.In addition, business confidence has slumped, and the employment situation has declined for three consecutive months. Turning to price pressures, inflation appears to be at least slightly declining overall, but there are…

The Eurozone manufacturing PMI for October was 45.9, higher than expected at 45.1. The block's services PMI fell to 51.2 in October compared to the expected 51.6. EUR/USD maintained its rise around 1.0800 following the German Eurozone PMI data. of euro area Preliminary data from the latest Purchasing Managers' Index (PMI) survey released by HCOB on Thursday showed that while the contraction in manufacturing eased in October, activity in services worsened further. The Eurozone Manufacturing Purchasing Managers' Index (PMI) for October was 45.9, up from 45.0 in September and above expectations of 45.1. The index has recovered to a five-month…

Benjamin Cowen predicts that Ethereum could repeat its 2016 pattern and decline in December despite the post-merger changes. Notably, Ethereum has been showing some bullish momentum recently, even briefly testing and breaking above the critical resistance at $2,700 marked by the 100-day moving average. However, it was quickly rejected as significant selling pressure appeared, leading to a sharp decline. Over the past 24 hours, the altcoin's price has fallen by more than 2%, rising to $2,552. This development is in line with the widespread sentiment that Ethereum could see another drop before making a sustained rally. More December drops? Ethereum…

Cardano (ADA) recently expressed interest in crypto AI through a partnership with Globant and participation in projects such as RCO Finance (RCOF). This partnership is a major milestone for Cardano, as this project is primarily related to the development of a secure and sustainable blockchain environment. RCO Finance (RCOF), on the other hand, is attracting a lot of interest despite still being in the pre-sale stage. As a leading company in this field, RCOF is well-positioned to manage AI solutions on blockchain. By December 2024, these two cryptocurrencies could become one of the major players in the new world of…