(Piotr Skolimowski – Bloomberg)
Euro-area factories suffered their biggest drop in orders in almost six years in February amid mounting concern over trade tariffs and Brexit, dealing a blow to those anticipating a speedy rebound in momentum.
Led by Germany and Italy, manufacturing output in the 19-nation region contracted last month, with a Purchasing Managers’ Index falling to 49.3. Companies continued to report spare capacity and inflation pressures eased to levels last seen in late 2016.
“Euro-area manufacturing is in its deepest downturn for almost six years,” said Chris Williamson, chief business economist at IHS Markit. Forward-looking indicators suggest “risks are tilted further to the downside as we move into spring.” Click here to read more.
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