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Businesses in the eurozone suffered "an unprecedented collapse" this month because of the novel coronavirus pandemic, according to a closely watched indicator released Tuesday by IHS Markit.

Provisional data showed that the slump in activity in the 19-nation zone in March was "far exceeding that seen even at the height of the global financial crisis," with the company's PMI survey diving to 31.4 for the month. 

A reading below 50 points indicates a contraction. In February, the index had stood at 51.6. The latest reading is the lowest since IHS Markit started its PMI survey in 1998.