Eurozone economic contraction less severe in September

Eurozone economic activity shrank further in September but the rate of decline has slowed, a key survey showed on Friday. Data from the HCOB Flash Eurozone purchasing managers’ index (PMI) published by S&P Global rose to 47.1 in September from 46.7 in August. A figure below 50 indicates contraction. Cyrus de la Rubia, chief economist at Hamburg Commercial Bank, said he expects the 20-country single currency area to “enter a contraction in the third quarter”, shrinking 0.4 percent from the pervious quarter.—AFP