EURO ZONE

摘要

Following the ECB's announcement last month of its Outright Monetary Transactions (OMT) programme, economic data appears to have been little affected. September's composite PMI suggests that the Euro area likely dived deeper into recession in Q3. The index stood at 46.1, firmly in contractionary territory on the back of layoffs and slumping orders. Indeed, unemployment reached 11.4% in August, a new high. Manufacturing activity also shrank. Meanwhile, headline inflation edged up from 2.6% (y-o-y) in August to 2.7% in September, pushed up by high energy prices and indirect tax increases stemming from widespread austerity measures.