The series of eurozone services PMI data released earlier today reflected the impact of the resurgence in the number of COVID-19 cases in Europe. German’s services sector went from an expansionary level in September to a contractionary level in October. Similarly, French’s services sector deteriorated as well, contracting at a faster pace. And since Germany and France are two of the biggest nations in Europe in terms of economy, their poor performing services sectors have the largest impact on Europe. The contraction of the services sector was largely due to the return of COVID-19 restrictions, thus obstructing business operations.
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