Pandemic puts brakes on eurozone activity

BRUSSELS: Eurozone economic activity contracted in October in the wake of a resurgence in the spread of the coronavirus across Europe, IHS Markit said Friday. The data provider's closely watched PMI index fell for the third consecutive month to 49.2 points in October - its lowest level in four months - from 50.4 points in September.

Any reading above 50 points indicates that business activity is expanding, but a level below 50 points means the economy is contracting. It was the first contraction since June.

Germany was "the only bright spot, as France and the rest of the region as a whole fell deeper into decline", IHS Markit said. The country index for Germany slipped fractionally to 54.5 points, but at that level it "continues to register a solid expansion for the fourth month running".