In Germany itself, the PMI dropped to 44 one from 45 seven in September

Let's move on to some business news now and the eurozone's biggest economy. According to SMP Global Market Intelligence, there are quotes growing signs of an impending recession earlier. The PMI that's the purchasing Managers in Index, which is a measure of business activity in the eurozone, fell to 47 one, down from 48 one last month ago, as soaring inflation and high energy prices take their toll. This is the fourth consecutive monthly drop and the sharpest decline in nearly two years.

In Germany itself, the PMI dropped to 44 one from 45 seven in September. Now, a reading below 50 signals economic contraction. Downward pressure in the eurozone is largely due to the war in Ukraine, which has throttled energy supplies, particularly to Germany, and also sent prices soaring right across the continent. According to this latest survey, both manufacturing and services in Germany are showing accelerated rates of shrinkage. And in France, the second biggest economy in the eurozone, there are also signs of stagnation, with a PMI of 50 compared to 51-two in September.

Although France is suffering less than other countries in Europe from rising inflation, surging prices are still putting pressure on consumers, leading to a severe fall in factory orders across the eurozone. The latest PMI data is also indicating that factory output has dropped for the fifth consecutive month, while input demand has also slumped. Rising energy bills and wage pressures are keeping costs high. According to SNP Global Market Intelligence, a euro zone-wide recession is now looking increasingly inevitable.