{"text":[[{"start":8.7,"text":"Economic activity across the Eurozone has unexpectedly swung into reverse as surging energy prices choked growth, according to a closely watched survey."}],[{"start":17.799999999999997,"text":"The S&P flash Eurozone Purchasing Managers’ Composite index, a measure of private sector activity, dropped to 48.6 points in April, falling below the crucial 50 threshold that separates growth from contraction, for the first time in 16 months. "}],[{"start":34.65,"text":"Sharply rising prices as a result of the Middle East conflict have resulted in “the biggest surge in cost pressures that we have recorded since 2000” outside of the Covid-19 pandemic, S&P Global Market Intelligence said. "}],[{"start":49.7,"text":"Analysts polled by Reuters had expected the key gauge of activity to fall to 50.1 from 50.7 in March."}],[{"start":58.2,"text":"The survey data pointed “clearly” to “stagflation territory” of high inflation and weak growth, said T Rowe Price economist Tomasz Wieladek. He warned the rapid decline in sentiment “will raise concerns” that the Eurozone “is perhaps even sliding into a recession”."}],[{"start":75.9,"text":"The data adds to the challenge facing policymakers as they try to assess the fallout of the conflict on prices and growth. The European Central Bank is widely expected to keep interest rates unchanged at 2 per cent at its April meeting next week, but investors are pricing in two quarter-point increases by the end of the year."}],[{"start":93.15,"text":"“The Eurozone is facing deepening economic woes from the war in the Middle East,” said S&P Global Market Intelligence economist Chris Williamson, adding that the April data signalled a 0.1 per cent contraction in quarterly GDP."}],[{"start":107.15,"text":"The bloc’s services sector was particularly hard hit, with business activity “falling at a rate not seen since the pandemic lockdowns of early 2021”, according to Williamson. Activity in the services sector fell to 47.4, down from 50.2 in March. Manufacturers are faring better for now, with activity picking up slightly by 0.2 points to 52.2."}],[{"start":130.55,"text":"The larger than expected slump in overall activity will raise questions about the ECB’s growth forecasts that currently point to a slowdown but not a recession."}],[{"start":140.10000000000002,"text":"ECB chief economist Philip Lane said on a panel discussion in Frankfurt on Wednesday that economic indicators so far do not suggest that the shock from surging energy prices and potential supply disruptions was big enough to push the Eurozone economy into a recession. "}],[{"start":164.25000000000003,"text":""}]],"url":"https://audio.ftcn.net.cn/album/a_1776947242_6273.mp3"}