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The uptick in business activity was largely driven by the services sector.

The €92 billion conglomerate Bosch is cutting hours and pay for hundreds of staff thanks to a "difficult economic situation."

The banks most reluctant to tap the U.S. central bank's discount window to shore up their capital are in fact those who face the highest failure risk, according to new research from the New York Federal Reserve that turns the notion of bank emergency borrowing stigma on its head. The stigma in question is the long-running belief that when a bank borrows from the Fed's long-running emergency lending discount window, it will be perceived by others to be in trouble and face challenges as a result. To avoid those perceptions, banks will instead avoid the Fed, which in turn increases the risk that affected banks may find themselves in even deeper trouble.

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