The financial trouble Europe is currently in might look like it’s easing, but financial data company Markit begs to differ. The firm’s gauge of business activity in the euro zone fell from 46.3 to 45.9—the lowest in more than three years. Analysts believe the European economy is contracting faster than the 0.2 percent quarterly decline recorded the second quarter of this year. “The latest readings not only suggest that the euro area has been in recession over the past six months, but also auger ill for the final quarter of the years,” said James Ashley, senior European economist at RBC Capital Markets.

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