Eurozone business confidence plunges

Eurozone economic confidence is plummeting at the fastest rate since late 2008, according to the European Commission.

A survey from the commission adds to evidence that growth across the 17-country bloc has stalled, triggering fears of a lurch back into recession.

Business and consumer confidence had dropped far more than expected in August adding to evidence that growth across the 17-country bloc has stagnated and threatening to fuel fears the region could fall into recession.

The decline in the Commission’s “economic sentiment” index, from 103.2 in July to 98.3, was driven by falls in industrial, service sector and consumer sentiment, with the latter registering its sharpest drop in more than 20 years.