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PMI surveys show eurozone recovery gaining momentum

  • Eurozone services PMI climbed to 52.2 in September (flash 52.1) from 50.7 in August.
  • Composite output 52.2 (flash 52.1) vs 51.5.
  • "The eurozone enjoyed its strongest quarter of expansion for just over two years in the third quarter," says Markit, adding that this bodes well for further growth in Q4.
  • Germany - who else - led the expansion, France returned to growth, Spain stabilized, and Ireland and Italy impressed.
  • However, the recovery is fragile and growth modest, with eurozone PMI "consistent with GDP rising by just 0.2%" in Q3.
  • EU Stoxx 50 +0.05%, euro +0.1% to $1.3597. (PR)
  • ETFs - Stocks: EZU, VGK, FEZ, EPV, IEV, ADRU, FEP, FDD, UPV, EPV, DFE, FEU, FEEU. Bonds: EU. Euro: FXE, ERO, ULE, URR, EUO, DRR, EUFX
Comments (1)
  • june1234
    , contributor
    Comments (2553) | Send Message
     
    Economic recovery in the eurozone remains "weak, fragile, uneven", European Central Bank president Mario Draghi said He warned that further support for the banking sector could not be ruled out: sounds like gaining momentum
    3 Oct 2013, 07:48 AM Reply Like
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