Germany's slump in business activity intensified in September, a preliminary survey showed. Rising energy prices hit Europe's largest economy and companies faced a decline in new business, Reuters reported.

S&P Global's composite purchasing managers' index (PMI), which tracks both the manufacturing and services sectors, which together make up more than two-thirds of the German economy, fell to 45.9 in September from August's final reading of 46.9.

September marks the third consecutive month that the index has fallen below the 50 mark, which separates growth from contraction, and the lowest value, if confirmed, since May 2020.

The manufacturing index fell to 48.3 from a final reading of 49.1 in August.

The services index fell to 45.4 from a final reading of 47.7 in August.