• In the euro zone, the picture was gloomier than initially thought as the bloc’s dominant services industry fell into contractionary territory, suggesting the bloc could slide into recession.
  • Germany’s services sector contracted for the first time this year and France’s shrank more than first estimated. In Britain, outside the European Union, its survey showed the sharpest business slowdown in seven months.
  • Asia’s surveys for August were also more downbeat with China’s services activity expanding at the slowest pace in eight months as weak demand continued to dog the world’s second-largest economy while in India growth lost some steam.
  • Japan proved an outlier as service sector activity expanded there at its quickest pace in three months, underpinned by robust consumer spending as inbound tourism regained momentum.