European equities edged higher on Monday and US stock futures fell ahead of a week of third-quarter earnings results for Big Tech companies including Meta, Alphabet and Amazon.
The regional Stoxx Europe 600 gauge was up 0.4 per cent by late-morning trading in London, while Germany’s Dax rose 0.4 per cent even as S&P Global’s flash eurozone composite purchasing managers’ index, a key measure of business activity in the region, fell to its lowest level since November 2020.
Peter Vanden Houte, chief economist at ING, said Monday’s figure “clearly confirms that the eurozone economy is already in recession”, adding that forward-looking components of the survey implied there was more bad news to come.
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