Euro area industry activity softened slightly in October, with the headline PMI estimate touching a two-month low. The output index slumped further to 52.8 from 53.6 in September, dropping to a four-month low. Overall, it still marks a modest expansion in manufacturing conditions despite slower new order growth and increased supply-chain pressures. The most notable drags were France and Italy, bucking the broader expansion trend across the region. Of note, both countries posted renewed deteriorations on the month. In the case of France, domestic political uncertainty is the main drag and is biting at Europe's second-largest economy.
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