After stagnating in June, the eurozone economy started the third quarter with the fastest contraction in business activity since November last year, latest HCOB PMI® survey data compiled by S&P Global showed. July’s contraction was brought about by a deepening downturn in the manufacturing sector and a near-stalling of services output. There was also notable weakness with respect to demand as total new orders fell again and to the quickest extent in nine months. Export performance was a considerable drag as demand from foreign clients fell at the steepest rate since the start of the COVID-19 pandemic over three ... (full story)