Eurozone PMI: Contraction in French services raises fears of third recession November 5, 2014 France continues to earn its title of the “sick man of Europe” with its service sector showing signs of contracting. The services purchasing managers’ index (PMI) – a survey of firms in the service sector – registered 48.3 for France in October, according to figures released yesterday by Markit. A score below 50 signals contraction. [...]
European Commission slashes 2015 eurozone growth forecast to 1.1 per cent November 4, 2014 The European Commission (EC) has cut its 2015 growth forecast for the eurozone from 1.7 per cent to 1.1 per cent, citing a slowdown in market activity, as well as the threat from rising tensions in Ukraine and a lack of investment. It added that growth in the bloc this year is expected to reach [...]
Eurozone manufacturing: UK outstrips Europe in the battle of the PMIs November 3, 2014 Manufacturing data published this morning confirmed what many already suspected: manufacturing activity in the UK is outstripping the Eurozone and has opened an economic gap on China. For October, the Eurozone’s manufacturing purchasing managers’ index (PMI) was at 50.6, while China’s was at 50.4. Both a hair’s breadth from the 50 point mark that separates [...]
UK business confidence hit by general election and Eurozone worry November 3, 2014 Uncertainty surrounding the outcome of the general election, the threat of a skills shortage, and a weak Eurozone has hit UK business confidence – but it is still high by historic standards. A confidence index produced by the Institute of Chartered Accountants in England and Wales (ICAEW) fell to 28.6 for the fourth quarter of [...]
ECB council member Ewald Nowotny: We cannot rule out quantitative easing in the Eurozone October 31, 2014 We cannot rule out quantitative easing in the Eurozone: that was the message European Central Bank governing council member Ewald Nowotny gave CNBC today. "I think that we have all learned in life that we should never say 'never',” Nowotny told the channel. Nowotny is generally considered a hawk, preferring the austere German methods of [...]
Eurozone unemployment stays flat at 11.5 per cent October 31, 2014 It is a reflection of the economic times that a flat unemployment figure inspires a sense of relief, but today analysts breathed a sigh of relief as EU unemployment remained stable at 11.5 per cent in September. Although it was the fourth consecutive month the rate had stayed the same, the total number of unemployed [...]
Eurozone inflation hits expectations – but it’s still in the ECB’s “danger zone” October 31, 2014 Inflation in the Eurozone ticked up a tenth of a percentage point in October, which will do little to allay fears about the state of the economy in the single currency zone. According to the latest flash estimate (which will be confirmed next month) the rate was 0.4 per cent in October, compared with 0.3 [...]
Eurozone confidence takes a surprise upturn but is still low October 30, 2014 Confidence in the Eurozone edged up slightly in October after four months of not growing. The Economic Sentiment Indicator published by the European Commission yesterday picked up by 0.8 points to 100.7. Despite the rise the figure is much lower than it was earlier in the year. It was propped up by increased confidence in [...]
As confidence rises in October, has economic malaise in the Eurozone been exaggerated? October 30, 2014 Christian Schulz, senior economist at Berenberg, says Yes. Germany is experiencing a rough patch. Yet it’s not the Eurozone dragging down Germany. Spain, Portugal and Ireland have solid recoveries, which have broadened from exports to investment. Unemployment is falling, helped by labour market reforms at the height of the crisis. Even Greece is showing tentative [...]
Eurozone’s latest bond buying gambit gets off to a slow start October 27, 2014 THE EUROPEAN Central Bank (ECB) bought €1.7bn (£1.34bn) worth of bonds last week as it began its new purchase programme, data published yesterday reveals. The rate of purchases is slow. It would take at least six years for the ECB’s balance sheet to reach the size it was during 2012 – a target ECB president Mario [...]