Italian business executives are sounding the alarm. The composite purchasing managers’ index that tracks both services and manufacturing sectors in the Italian economy fell to 49.3 in October, the lowest reading since November 2013 and below the 50 mark that separates growth from contraction, the Financial Times reported. Data published last week had already pointed to the first contraction in the manufacturing sector since 2016. But on Tuesday, fresh data showed the services sector had followed suit, dragging the composite indicator with it.

Norwegian drillship and rig operator Fred. Olsen Energy, proposes to sell one of its drilling units and to issue $130-140 million in new equity to pay off debt, as part of a refinancing plan published on Tuesday, Reuters reported. The proposal includes issuing about $90 million in new loan capital, paying $580 million to settle outstanding secured debt, and converting bond debt into equity. Existing shares of the company will represent approximately one percent of the share capital after the restructuring.

Investors in a Schroders Plc real estate fund that owns some of London’s priciest offices are seeking to withdraw almost one-fifth of the 836 million pounds ($1.09 billion) pool as Brexit-related worries have mounted, people with knowledge of the matter said. Some 150 million pounds in redemption requests at the West End of London Property Unit Trust have prompted restructuring talks that could result in a sale of the fund or a change of manager, among other options, said the people, asking not to be identified as the negotiations are private, Bloomberg News reported.

Aegean Marine Petroleum Network, one of the world’s largest traders of shipping fuel, has filed for bankruptcy protection in New York, allowing the company to undergo a restructuring with the help of rival trader Mercuria as a precursor to putting itself up for sale, the Financial Times reported. The move into Chapter 11 follows the confirmation last week of a write-off of $200m of expected payments that Aegean said “lacked economic substance”, adding that another $100m may have been “misappropriated through fraudulent activities”.

Europe’s top banks may have survived a milestone test of their resilience but strengthened balance sheets count for little when they generate such meager returns compared with U.S. rivals, investors say. The European Banking Authority stress test results on Friday showed the sector in reasonable financial health, with a clean sweep of 48 lenders judged capable of withstanding economic shocks like a crash in real estate or bond prices, Reuters reported.

Faith in the European economy continues to wane with two surveys of economic confidence back to levels not seen since 2016, the Financial Times reported. The Sentix survey of 1,000 investors reported the lowest reading in its headline eurozone index since October 2016. The gauge has fallen for the past three months to read 8.8 in November. Meanwhile, the Ifo Institute said on Monday its economic climate measure for the bloc was also the lowest since the middle of 2016 in the fourth quarter.

Brexit uncertainty contributed to a sharp slowdown in Britain’s dominant services sector in October, according to a survey of executives. The IHS Markit services purchasing managers’ index revealed the slowest pace of growth since the snowstorms at the start of the year, the Financial Times reported. The headline reading fell to 52.2 in October, down from 53.9 in September and far below City economists’ expectations of 53.8. Monday’s survey is the most important economic data yet published to suggest that fraught Brexit negotiations are harming Britain’s real economy.

Eurozone finance ministers have urged Italy to bow to Brussels’ calls to redraft a bud­get plan that breaks European spending rules, brushing aside attempts by Rome to defend the fiscal expansion as key to reviving the country’s economy, the Financial Times reported. Ministers called on Italy’s populist government on Monday to engage in talks with Brussels on a revised draft budget for 2019, backing the European Commission’s view that the plans violate previous commitments by Rome to shrink the deficit next year.

Crawshaw Group plc said two Ernst & Young LLP executive were appointed as joint administrators, after the UK meat retailer said last week it did not have sufficient cash to restructure, Reuters reported. The company joins a growing list of British retailers that have been forced to seek protection from creditors after being hit hard by competition from online shopping platforms and a rise in costs from the pound’s Brexit-induced weakness.

Italian manufacturers have reported the first contraction in the sector since 2016, according to an IHS markit survey, in the latest sign of a broader slowdown in the Italian economy, the Financial Times reported. The manufacturing purchasing managers’ index (PMI) for Italy fell to 49.2 in October, the lowest reading in 46 months. The closely-monitored survey had been teetering on the brink in September, when it held at the 50 line that separates expansion from contraction.