October’s deterioration in the euro-zone EC business and consumer surveys supported other evidence that the economy started Q4 on a very weak note. The fall in the headline Economic Sentiment Indicator (ESI), from (an upwardly revised) 85.2 to 84.5, was broadly in line with expectations and left the index at its lowest level since August 2009. It mirrored a similar decline in the composite PMI survey.
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