Eurozone Slips into Contraction as Iran Conflict Drives Up Business Costs

The euro area's Composite PMI has fallen below the growth threshold, signaling an economic contraction driven by the ongoing conflict in Iran. JPMorgan strategists warn that rising business costs and supply chain pressures are now impacting both European and UK markets.

• Euro area Composite PMI dropped to 48.6 from 50.7
• Services sector decline attributed to Iran war's impact on consumers
• UK private sector rebounding but facing severe supply chain pressures
• JPMorgan strategist Hugh Gimber reports sharply rising business costs