The war in Iran is dragging Europe into a new economic squeeze, pushing prices higher just as growth weakens across the continent and raising fresh fears of stagflation in the continent, according to a new report.
Reuters detailed on Thursday found that the conflict is worsening Europe's energy shock, hitting businesses, consumers, and policymakers at the same time. Europe's private sector contracted for a second consecutive month, with S&P Global's Composite PMI falling to 47.5, a reading that signals shrinking activity. Germany and France, Europe's two largest economies, both showed signs of strain as energy costs and uncertainty weighed on demand levels.
