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Eurozone growth hits four-month low
Private sector activities in the Eurozone slowed down in October, with the composite output index dropping to 51.9 points from 53.1 in September, marking the lowest level in four months. This decline was driven by rising energy prices and a return to contraction in the French economy amidst political and financial crises. Business confidence also fell to its lowest level since 2012, while French borrowing costs increased amid growing concerns about the budget. Domestic demand diminished due to rising interest rates, amid expectations of further monetary tightening by the European Central Bank, which may raise interest rates by 25 basis points next week. Despite the slowdown, export orders grew for the third consecutive month, providing partial support to the bloc's economic activity.
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