Shoppers in Munich, Germany. Photographer: Michaela Rehle/Bloomberg
The contraction of private-sector activity in the Eurozone has intensified, leading investors to bet that the European Central Bank (ECB) will pause its campaign of interest-rate hikes next month.
Services in August ceased being a bright spot and followed the industrial sector into a downturn in the region's top two economies, prompting the shift in market wagers and sending bond yields and the euro tumbling. The figures also brought warnings that output in the 20-nation bloc will shrink this quarter.
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