After accounting for seasonal factors, November’s final IHS Markit Eurozone PMI Composite Output Index registered its lowest level since September 2016. Posting 52.7 in November, the index was down from October’s 53.1 though slightly higher than the earlier flash estimate of 52.4.

Chris Williamson, Chief Business Economist at IHS Markit said: “The final eurozone PMI for November came in higher than the flash reading but still only points to modest GDP growth of approximately 0.3% in the fourth quarter, suggesting the region remains stuck in a soft-patch. “Output and order books are growing at the slowest rates for over two years as a manufacturing-led slowdown showed further signs of spreading to the service sector. The survey responses highlighted intensifying headwinds of Brexit and trade war worries, a struggling autos sector and rising uncertainty regarding the economic and political outlook”.