High frequency indicators in the past month continue to depict Europe's darkening economic landscape. The composite Purchasing Managers Index (PMI) for the eurozone, an indicator of manufacturing trends, fell to 47.2 points in October from 49.9 points a month earlier, the biggest drop since July 2009. At the same time, new orders in eurozone manufacturing fell for the third month in a row, while export orders lost ground for the fifth consecutive month. The contraction in activity has also spread to services, with the eurozone services PMI in October at its lowest since July 2009. In Standard&Poor's view, Europe's approaching recession first took hold in Spain, Portugal, and Greece, and the economic woes are now spilling over into