S&P 500
7,614.00
-0.11%
Dow Jones
51,326.00
-0.09%
Nasdaq 100
30,630.60
-0.28%
Russell 2000
2,927.38
-0.19%
FTSE 100
10,382.60
-0.05%
Nikkei 225
68,184.20
+1.01%

Economy

European Economy Collapses to ‘Unprecedented’ Level

Photo of Douglas A. McIntyre
By Douglas A. McIntyre Updated Published
This post may contain links from our sponsors and affiliates, and Flywheel Publishing may receive compensation for actions taken through them.
European Economy Collapses to ‘Unprecedented’ Level

© Digiphoto / iStock via Getty Images

IHS has released its widely followed Markit Flash Eurozone PMI. The figures were unbelievably bad.

The Flash Eurozone PMI Composite Output Index hit 13.5 from 29.7 in March. Its record low was in July 1998. The Flash Eurozone Services PMI Activity Index dropped to 11.7 for April against 26.4 in March. The drop was well below the record low hit in July 1998. The Flash Eurozone Manufacturing PMI Output Index collapsed to 18.4 from 38.5 in March. Its record low was set in June 1997.

IHS Markit researchers commented:

The eurozone economy suffered the steepest falls in business activity and employment ever recorded during April as a result of measures taken to contain the coronavirus outbreak, according to provisional PMI survey data.

It is almost impossible that the index could go this low. A figure of 50 or higher represents growth. A figure lower than 50 represents contraction. The number for April indicate that the economy across Europe has ground to a halt.

Follow 24/7 Wall St. on Google
Photo of Douglas A. McIntyre
About the Author Douglas A. McIntyre →

Douglas A. McIntyre is the co-founder, chief executive officer and editor in chief of 24/7 Wall St. and 24/7 Tempo. He has held these jobs since 2006.

McIntyre has written thousands of articles for 24/7 Wall St. He is an expert on corporate finance, the automotive industry, media companies and international finance. He has edited articles on national demographics, sports, personal income and travel.

His work has been quoted or mentioned in The New York Times, The Wall Street Journal, Los Angeles Times, The Washington Post, NBC News, Time, The New Yorker, HuffPost USA Today, Business Insider, Yahoo, AOL, MarketWatch, The Atlantic, Bloomberg, New York Post, Chicago Tribune, Forbes, The Guardian and many other major publications. McIntyre has been a guest on CNBC, the BBC and television and radio stations across the country.

A magna cum laude graduate of Harvard College, McIntyre also was president of The Harvard Advocate. Founded in 1866, the Advocate is the oldest college publication in the United States.

TheStreet.com, Comps.com and Edgar Online are some of the public companies for which McIntyre served on the board of directors. He was a Vicinity Corporation board member when the company was sold to Microsoft in 2002. He served on the audit committees of some of these companies.

McIntyre has been the CEO of FutureSource, a provider of trading terminals and news to commodities and futures traders. He was president of Switchboard, the online phone directory company. He served as chairman and CEO of On2 Technologies, the video compression company that provided video compression software for Adobe’s Flash. Google bought On2 in 2009.

Continue Reading

Eurozone PMI Rises Slightly, but Trouble Remains
Douglas A. McIntyre |

Eurozone PMI Rises Slightly, but Trouble Remains

Research firm Markit has posted its monthly PMI for the eurozone. A slowing world economy was reflected in the numbers.

Douglas A. McIntyre |

Eurozone PMI Well Below Forecast — Markit

ThinkstockIn a sign that the recession that ravaged the eurozone continues to drag on its economy, its most recent Purchasing…

Douglas A. McIntyre |

EU and China PMI Slide

S&PHas a drop in China’s Purchasing Managers’ Index (PMI) been hurt by the European Union’s recession, or has the EU…

Paul Ausick |

Eurozone Economy Contracts for Seventh Straight Month

Financial research firm Markit this morning reported that the flash PMI index for the Eurozone has contracted for the seventh…

Douglas A. McIntyre |

EU Double Dip Worsens: Eurozone PMI Still Weak — Markit

Research firm Markit reports and Eurozone PMI remained weak in August. The data show that most of Europe has dropped into a double dip recession.…

Douglas A. McIntyre |

Europe’s Recession

nationsonline.orgEurope continues its fall into a new recession. Research firm Markit reported about March. This morning it announced: The Markit…

Eurozone PMI Drops to Near Recession Level
Douglas A. McIntyre |

Eurozone PMI Drops to Near Recession Level

Here is another sign of how close Europe's overall economy is to contraction and how perilous the global expansion is…

Jon C. Ogg |

Reality Check: Germany Cannot Carry the Euro Alone, Contraction Arrives

ThinkstockGermany is supposed to be the cement that makes up the foundation of the euro. Maybe France is the mortar…

Douglas A. McIntyre |

Eurozone PMI Still Weak

nationsonline.orgResearch firm Markit issued its PMI data for the eurozone for July. Most of the news was bad, although economists were heartened slightly…

Top Gaining Stocks

Hewlett Packard Enterprise
HPE • Vol: 153,197,465
Enphase Energy
ENPH • Vol: 8,360,053
Corning
GLW • Vol: 18,152,646
Alexandria Real Estate Equities
ARE • Vol: 4,337,015
Aptiv
APTV • Vol: 6,761,325

Top Losing Stocks

Trade Desk
TTD • Vol: 21,905,513
Intuit
INTU • Vol: 7,383,018
Coterra Energy
CTRA • Vol: 73,319,495
Cboe Global Markets
CBOE • Vol: 5,000,011
HP
HPQ • Vol: 29,259,826