Europe’s top two economies contract as bloc already in recession

1 day ago The Economic Times

Private-sector activity in the euro area’s top two economies contracted in November, painting a bleak picture for a region that’s probably already in recession S&P Global’s flash purchasing manager index for France dropped to its lowest level since the pandemic-related disruptions of early 2021, falling to 48.8. This was a greater decline than economists had predicted and took the figure below the 50-point threshold that separates expansion from contraction.The German measure also showed a contraction, though the 46.4 reading was the best in three months, avoiding a further worsening predicted by analysts.Europe is headed for a bleak winter, with the energy crisis and record inflation weighing on output. The OECD on Tuesday warned that Germany would contract 0.3% in 2023, while it lowered its forecast for French growth in gross domestic product to 0.6%.“Although France’s manufacturing sector has been in a downturn since the start of the second half of 2022, overall economic activity levels throughout this period had been propped up by continued growth in services,” said Joe Hayes, a senior economist at S&P Global Market Intelligence. PMI readings for the euro area, the UK and the US later on Wednesday are predicted to show a lack of growth in all three economies. Australian data published earlier showed the PMI index fell to 47.7 from 49.8 in October, the lowest reading since January.
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India vs Pakistan: The final over, as it happened

With India chasing 160 to beat Pakistan in their Twenty20 World Cup opener in Melbourne, India needed 16 runs off the final over from Mohammad Nawaz, with batsmen Virat Kohli and Hardik Pandya at the crease.19.1 PAKISTAN BREAK THE PARTNERSHIPPandya (40) had struggled against spin and Pakistan drew first blood when the all-rounder attempted to smash the ball on the leg side, only to edge the delivery to the covers where captain Babar Azam pouched the catch.19.2 KARTHIK ROTATES STRIKENew batsman Dinesh Karthik went on the front foot as soon as he got in and made contact with a full toss to take a single and hand the in-form Kohli the strike.19.3 FOUR BALLS, 15 TO GETKohli directs a yorker to long on and takes two to keep the strike. Three balls, 13 required.19.4 THE PENDULUM SHIFTSNawaz's high full toss is smashed by Kohli over deep square leg, where the fielder on the ropes gets a hand to it but fails to keep the ball in play and it goes for six.The umpire also calls a no ball for height and his counterpart Marais Erasmus walks over from square leg to placate the Pakistani skipper , who was fuming over the call.19.4 THE PRESSURE GETS TO NAWAZThe bowler cannot keep his cool and he bowls a wide yorker - far too wide and the umpire signals a wide.19.4 BOWLED OFF A FREE HITKohli is castled as the ball strikes the off stump but he's already running to the non-striker's end as it is still a free hit. With the ball heading to third man, 37-year-old Karthik runs well between the wickets as they take three.19.5 TWIST IN THE TALEKarthik tries to make room for a shot but the ball hits his pad. Wicketkeeper Mohammad Rizwan is quick to react seeing his opposite number outside his crease, whipping the bails off to complete the stumping and handing Pakistan the advantage.19.6 ONE BALL, TWO TO WIN, ONE TO TIEKohli is stranded at the non-striker's end and the fate of the run chase is in Ravichandran Ashwin's hands - until the pressure gets to Nawaz again and he bowls a wide down the leg side that Ashwin gleefully leaves.19.6 INDIA SNATCH VICTORYAs Pakistan's fielders close in to stop the single and force a Super Over, Ashwin scoops the ball over the inner circle and runs to the other end with his arms raised as the Indian fans among the 90,000 at the Melbourne Cricket Ground erupt in joy.India wins by four wickets and Kohli is adjudged the player of the match for his unbeaten knock of 82 under pressure, smashing six fours and four sixes.

1 month ago The Economic Times
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