Euro zone likely to endure recession as downturn deepens

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By Jonathan Cable LONDON (Reuters) -The drop in euro zone business activity deepened last month, a survey showed, probably extinguishing any hope the currency union would avoid recession just as elevated inflation puts pressure on the European Central Bank to act. Businesses and consumers are wary of spending as the region heads into the winter months with already high energy prices likely to climb further, while firms are also suffering from supply chains disrupted by Russia’s invasion of Ukraine. S&P Global’s final composite Purchasing Managers’ Index (PMI) for the euro zone, seen as a good …

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