Fears mount eurozone is heading back into recession

World business surveys yesterday painted a picture of economic malaise stretching from Beijing to Berlin, adding to concerns that the global economy was slowing down and the eurozone is heading for recession.

The 17-country eurozone appears as if it is heading for its second recession in three years. Financial data firm Markit said its Purchasing Managers’ Index suggested the eurozone economy would shrink about 0.5% in the July-to-September quarter.

Europe’s problems are creating headaches in other economies as well, particularly in China, which counts Europe as its single biggest export market.