There was more bad news for euro zone on Friday with the latest flash purchasing manager's index (PMI) falling to a near two-year low, indicating that the economic upturn in the region is fragile and failing to achieve any real traction.
The preliminary PMI from Markit showed that business activity in the 19-country region fell to 52.6 in September versus 52.9 in August and below market expectations. This is the lowest seen since January 2015. The PMI is a composite of services and manufacturing activity in the region and the 50-point mark separates expansion from contraction.
"The door remains open for policymakers to provide further policy support later in the year if they see economic conditions moderate further," Rob Dobson, senior economist at IHS Markit said in the press release.