Eurozone economic sentiment deteriorated in October according to data released by the European Commission on Wednesday; the same gloomy numbers are likely to be confirmed by Eurostat on Thursday.

The decline is driven by manufacturing. Sentiment in services was positive in September and October but remains at its lowest level since June 2015. Services account for two-thirds of the Eurozone economy.

As the Eurozone economy is slowing, the export-dependent German economy is under greater pre...