Previous Trading Days Events 15 Dec 2023

The downturn in Eurozone business activity deepens to critical levels according to surveys, indicating that the Eurozone is almost certainly in recession. Reports showed that activity is deteriorating in both Germany and France and across services and manufacturing.

We have two consecutive quarters of economic contraction, meeting the technical definition of recession.

The dropback in the Eurozone Composite PMI in December provides more evidence that the economy is in recession, said Andrew Kenningham at Capital Economics.

In Germany the downturn worsened, pointing to a recession in Europes biggest economy at the end of the year. Meanwhile, activity declined faster than expected in France as demand for goods and services in the euro zones secondbiggest economy deteriorated further.

In the U.K., the services sector however saw another pickup in growth this month, enough to avoid a recession currently.

Source httpswww.reuters.commarketseuropeeurozonebusinessactivitydeclinesfurtherdecpmi20231215

The U.S. saw an increase in manufacturing sector output with mixed figures for different categories in November and the economy continued to expand as the year ended. The PMI survey showed business activity picked up in December amid rising orders and demand for workers in the services industry.

The broader economy keeps growing, but industrial production peaked way back in September 2022, said Christopher Rupkey, chief…