Latest data released by Markit/ADACI - 2 November 2018

That's the lowest reading since December 2014 and it's the first time Italy's factory activity shrank since August 2016. The drag comes from manufacturing orders as it falls from 49.7 in September to 46.2 in October. But to say it wasn't coming would be an understatement. The real worry now is if we start to see similar trends across the region as we move into 2019.