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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)
  • 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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