Euro-area business activity shrank in November, underscoring the damage being wrought by political chaos and heightened discord over trade. New data from the Purchasing Managers’ Index by S&P Global revived wagers that the European Central Bank will make heftier interest rate cuts. The result doesn’t come as a total shock amid the steady flow of dismal economic news, especially in Germany, the region’s biggest economy and driver of growth. With the car industry on the ropes and the government in disarray, the nation’s economy grew just 0.1% in the third quarter — less than initially reported. France’s private sector activity also shrank at the fastest pace since January, and the UK suffered similarly amid shifting fiscal plans. Our latest News Now podcast on the region’s slump is here. — Joshua Gallu
Northvolt CEO Peter Carlsson is stepping down as the Swedish battery maker embarks on a restructuring under bankruptcy court protection. Carlsson has led the electric-vehicle supplier since co-founding it in 2016. He raised billions of dollars in debt and equity with a promise to be a pioneer in European battery production. But the plan unraveled after a string of operational setbacks hobbled its finances. The company filed for Chapter 11 bankruptcy protection in the US on Thursday after a desperate bid to secure rescue funding fell short, leaving the struggling battery maker with just one week’s cash in its accounts.
