Gracing the market opening of the European session was the publication of manufacturing and services PMI data from the European Zone and the UK which showed dismal readings in September.
The contraction in economic activity in the European Zone deepened this month with the services sector plunging to a 19-month low and manufacturing to a 27-month low.
The fall in Europe's main economy, Germany, was led by a further decline in the services sector to a 28-month low that saw demand weaken rapidly as costs jumped by service providers.
Germany's manufacturing sector fell sharply to its lowest level since June 2020 following a fourth consecutive month of declining output and faster rising manufacturing input prices.
France saw manufacturing activity decline to a 28-month low and services to a 16-month low. Both are weakened by falling demand due to high inflation.
Next, examining data readings published from the UK, economic activity is seen to decline at the fastest rate since January 2021 following cost pressures that remain high and reduced demand.
The UK's economic turmoil deepened in September as falling business activity indicated that the economy was likely to fall into recession.
From the data released, it can be concluded that economic activity in Europe is weakening, thus adding more darkness to the growth prospects in the continent this year.
