Europe's economy is buckling under the weight of the war in Iran.
The latest purchasing managers' index (PMI) survey or the earliest monthly read on Europe's economy — showed eurozone business activity shrinking at its fastest pace since October 2023.
France collapsed into its sharpest contraction since the Covid lockdowns of November 2020.
Eurozone slowdown deepens
"May's flash PMI survey data show the eurozone economy taking an increasingly severe toll from the war in the Middle East," said Chris Williamson, chief business economist at S&P Global Market Intelligence.
