A downturn in business activity across the euro zone deepened in September, according to a survey which showed the economy was likely entering a recession as consumers rein in spending amid a cost of living crisis.
A downturn in business activity across the euro zone deepened in September, according to a survey which showed the economy was likely entering a recession as consumers rein in spending amid a cost of living crisis.
The downturn in German business activity deepened in September, a preliminary survey showed on Friday, as higher energy costs hit Europe's largest economy and companies saw a drop in new business.
The downturn in business activity across the euro zone deepened this month and the economy is likely entering a recession as consumers rein in spending amid a cost of living crisis, a survey showed on Friday.
Euro zone inflation is set to go higher and price growth is likely to be more persistent than earlier thought, European Central Bank board member Isabel Schnabel said on Thursday, defending the ECB's plans to raise interest rates further.
The German economy minister on Thursday called for more government funds to support companies as a debate intensifies on whether Berlin should suspend its debt brake next year. Germany suspended its deficit limit of 0.35% of gross domestic product during the COVID-19 pandemic.
A senior figure in the far-right Brothers of Italy party, which is tipped to win national elections at the weekend, on Thursday blamed 10 years of European Union monetary and fiscal policies for skyrocketing inflation. Consumer prices in the euro zone rose by a record 9.1% in August, prompting a 75-basis-point interest rate increase by the European Central Bank in early September.
Dutch union FNV said on Thursday it had struck a deal for workers in the metals and electric sector to receive an average pay increase of around 9% from Dec. 1 through the end of 2023. Around 160,000 workers for companies including ASML, Philips, Siemens and NXP are covered by the arrangement.
European spot power prices fell on Thursday as output from wind turbines in Germany was expected to rise, while demand in France and Germany were set to dip. Wind supply in Germany was seen rebounding on Friday, but would still be roughly 8 gigawatts below normal, Refinitiv analysts said.
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