- 'Unique' Ronaldo an example to everyone, says Martinez
- New lawsuits against Sean Combs allege sex assault, including of minor
- Italy begins migrant transfers to Albania with first group of 16
- Google signs nuclear power deal with startup Kairos
- Carsley open to foreign England manager amid Guardiola links
- Pogba hungry to have his football cake after doping ban
- India and Canada expel top envoys in Sikh separatist killing row
- Mbappe says victim of 'fake news' after 'rape' report in Sweden
- Lebanon says 21 killed in strike on northern village
- Netanyahu vows no mercy after deadly Hezbollah drone strike
- Russia could be able to attack NATO by 2030: German intelligence
- EVs seek to regain sales momentum at Paris Motor Show
- Clarke backs Scotland to bounce back from 'tough' run
- Harris, Trump target crucial Pennsylvania as US vote looms
- NASA probe Europa Clipper lifts off for Jupiter's icy moon
- Lebanese Red Cross says 18 killed in strike in north
- Mendy borrowed money from Man City team-mates for legal fees
- Palestinian officials say Israeli forces kill two in West Bank
- Football leagues, unions file EU complaint against FIFA in calendar dispute
- Nigeria boycott AFCON qualifier in Libya after 'inhumane treatment'
- India to recall top envoy to Canada: foreign ministry
- Hezbollah, Israeli troops in 'violent clashes' after drone strike
- China insists won't renounce 'use of force' to take Taiwan as drills end
- Painkiller sale plan to US gives France major headache
- Italy begins landmark migrant transfers to Albania
- Russia jails French researcher for three years
- 'Unsustainable' housing crisis bedevils Spain's socialist govt
- Stocks shrug off China disappointment but oil slides
- New Zealand 4-0 up in America's Cup but British show signs of life
- Russian prosecutor demands 3 years prison for French researcher
- 'Innocent' British nerve agent victim caught in global murder plot: inquiry
- Afghan Taliban vow to implement media ban on images of living things
- Russian prosecutor demands 3 years, 3 months jail for French researcher
- England ready for Pakistan's spin assault in second Test
- New Zealand's Ravindra excited for India Tests with father in crowd
- India's capital bans fireworks to curb air pollution
- Stocks diverge, oil retreats as China disappoints markets
- FIFA to open 'global dialogue' on transfer system after Diarra ruling
- Trio wins economics Nobel for work on wealth inequality
- Starmer vows to cut red tape as he urges foreign investors to 'back' UK
- Ex-Stasi officer jailed over 1974 Berlin border killing
- 'Not viable': Barcelona turns against surging tourism
- Hezbollah says targeted Israeli naval base after deadly drone strike
- Rice praises 'unbelievable' England interim boss Carsley despite uncertainty
- Nepali teenager hailed as hero after climbing world's 8,000m peaks
- England captain Stokes back from injury for second Pakistan Test
- Shanghai stocks gain after stimulus briefing as markets rally
- Shanghai stocks gain after stimulus briefing as Asian markets rally
- South Korea military says 'fully ready' as drone flights anger North
- Pakistan 'vigilantes' behind rise in online blasphemy cases
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Inflation 'shock' punishes Eurozone economy in June: survey
Economic growth in the eurozone plummeted in June, a key survey showed on Thursday, as high prices took the wind out the strong recovery from the deep lows of the coronavirus pandemic.
The closely-watched monthly purchase managers' index (PMI) by S&P Global fell from 54.8 in May to 51.9. A figure above 50 indicates growth.
The slowdown, caused by a "cost-of-living shock", is "the most abrupt recorded by the survey since the height of the global financial crisis in November 2008", excluding the pandemic lockdown, said Chris Williamson, Chief Business Economist at S&P Global.
Since the beginning of the year, the European economy has recovered strongly from the lifting of restrictions linked to the Covid-19 pandemic, which revived tourism to countries like Spain and Greece as well as transport.
It also benefited from household spending, as consumers burned through savings accumulated during many months of confinement, offsetting the negative impact of the war in Ukraine.
But in June, the "tailwind" of this pent-up demand "is already fading", Williamson warned.
The latest data "is now consistent with Gross Domestic Product (GDP) growth of just 0.2 percent for the second quarter, compared to quarterly growth of 0.6 percent at the start of the year", he said.
"The situation is likely to deteriorate in the second half of the year", he added, raising the spectre of negative growth and recession.
O.Johnson--AMWN