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Eurozone slump fear

BUSINESS activity in the eurozone slid further in October, highlighting the threat of recession in the area, a new report shows.

The survey of 4,500 companies indicated a second consecutive month of contraction in the sector amid weaker demand for goods and services, according to the Purchasing Managers' Index (PMI) compiled by research firm Markit.

"The PMI signals a heightened risk of the eurozone sliding back into recession," said Markit chief economist Chris Williamson.

The PMI sank to 47.2 points in October, the fastest rate of decline since July 2009. A score below 50 indicates that activity fell.