We expect the eurozone economy experienced a quarterly rise of around 10% in Q3 as activity benefited from favourable base effects after the collapse in Q2. However, the latest monthly data are confirming our fears that the recovery is tapering off quickly, as the number of Covid-19 infections continues to rise across the continent. PMIs declined for a second consecutive month in September amid a sharp fall in services, which highlights the impact that a second wave would have on the economy.
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