The week's economic reporting started on a weak note.
In the United States, the Chicago Federal Reserve reported on Monday that its National Activity Index fell to -0.87 in August from -0.12 in July. The index’s three-month moving average fell to -0.47 in August from -0.26 in July. According to the Chicago Fed, the three month average suggests that economic growth in August was below its historical trend.
The three-month average in August was its lowest since June 2011. The reading was also the same as when the economy last entered recession in December 2007.
Also on Monday, the Ifo Institute reported that its Business Climate Index for Germany fell to 101.4 in September from 102.3 in August, its fifth consecutive decline. The September reading is the lowest since February 2010.