LONDON—Weakening economies in Germany and France piled more pressure on markets on Tuesday as decades-high inflation and surging gas prices drag Europe toward recession, pushing the euro to a 20-year low against the dollar.
The S&P flash composite Purchasing Managers’ Index (PMI), which tracks manufacturing and services, showed that a downturn in Germany, Europe’s biggest economy, deepened in August due to high inflation and rising interest rates.
