Biggest drop in UK manufacturing confidence since March 2020; eurozone inflation hits three-year low – as it happened

Rolling coverage of the latest economic and financial news, as UK factory growth slows and eurozone inflation dips below 2%

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Factory production across the eurozone has shrunk at the fastest pace so far this year, according to the latest poll of purchasing managers.

Production, new orders, employment and procurement activity all fell at a faster rate last month, data firm S&P Global had reported.

It is a real shame that Spain is only the fourth-largest economy in the eurozone.

While handling the global manufacturing downturn surprisingly well, Spain just does not have enough weight to lift the rest of the eurozone with it. The worsening industrial slump in Germany, for example, is too big for Spain's momentum in September to make much of a difference.