Eurozone business activity

contracted in October at the sharpest rate in almost two years, an S&P Global survey revealed on Friday, suggesting the region is "now headed for a winter recession" as the cost-of-living crisis hit demand and hurt business confidence. The Final Composite PMI for the single currency bloc fell from September's 48.1 to a 23-month low of 47.3, well below the 50-line that separates growth from contraction.

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• On a related note: The global economic downturn extended into its third month in October, a survey showed, as business optimism dipped to a 28-month low amid dwindling new orders and international trade. The JP Morgan Global Composite PMI —produced in association with S&P Global— fell to 49.0 from 49.6 in September, its lowest reading since June 2020.