Manufacturing in the Euro-Zone contracted for the fifth consecutive month, while the final PMI reading edged lower to a record low reading of 41.1 from an initial reading of 41.3. In addition, manufacturing activity in Germany fell for the third straight month to reach its lowest level on record as the index plunged to 42.9 from 47.4 in September. The bigger than expected decline in production has certainly heightened fears that the European economy may have slipped into a recession during the third quarter, and has raised bets that the European Central Bank will indeed deliver another 50bp rate cut this week.