In Europe, More Stagflation

Activity data released on Friday offered scant evidence to suggest the European economy can avoid a stagflationary quagmire amid elevated rates and stubborn underlying inflation. Flash PMIs for September painted a disheartening, if not wholly disastrous, picture. At 47.1, S&P Global's composite gauge for the region managed to top estimates, but nevertheless spent a fourth month in contraction. The small uptick from August's final reading was the first month-to-month increase since April.