Sharp falls in business confidence were reported across continental Europe on Wednesday as global economic storms drove the eurozone towards recession, adding pressure on the European Central Bank to consider interest rate cuts. Germany, France and Italy reported the business mood had darkened markedly this month, with Germany’s Ifo institute reporting that industry’s expectations for the next six months were the most pessimistic since early 1993. With business confidence surveys seen as a good guide to trends in activity, the deterioration provided fresh evidence that eurozone economic data for the last three months will show a second quarterly contraction –...
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Global storms darken mood in eurozone
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