Eu­ro­zone con­fi­dence up, Greek sen­ti­ment plunges

Kathimerini English - - Focus -

Con­fi­dence in the eu­ro­zone’s econ­omy edged up to a new four-year high in Au­gust as ris­ing do­mes­tic de­mand marginally out­weighed a wors­en­ing view of ex­port prospects and the mood bright­ened par­tic­u­larly in France and Spain. The Euro­pean Com­mis­sion’s monthly eco­nomic

posted gross prof­its of 6.5 mil­lion eu­ros in the first half of 2015, com­pared to 1.6 mil­lion dur­ing the same pe­riod last year, ac­cord­ing to fi­nan­cial re­sults pub­lished yesterday. The group’s net re­sults af­ter taxes and mi­nor­ity in­ter­ests amounted to losses of 13.1 mil­lion eu­ros against 21.2 mil­lion in the first half of 2014. sen­ti­ment in­di­ca­tor, pub­lished yesterday, rose to 104.2 in Au­gust, from 104.0 in July. “The ten­ta­tive in­crease in euro-area sen­ti­ment re­sulted from wors­ened con­fi­dence in in­dus­try be­ing off­set by im­prove­ments in the other busi­ness sec­tors (con­struc­tion, ser­vices and, par­tic­u­larly, re­tail trade) and marginally higher con­sumer con­fi­dence,” the Com­mis­sion said in a state­ment. Among the larger euro-area economies, over­all eco­nomic sen­ti­ment in­creased in France (+0.9) and Spain (+1.7), but de­clined in Ger­many (-0.2), Italy (-0.6) and in the Nether­lands (-0.3). Sen­ti­ment in Greece, which se­cured a third bailout this month, plunged to its low­est level in more than six years. The in­dex fell by 6.1 points in Au­gust to 74.8. The mar­ket jit­ters have raised spec­u­la­tion over whether the Euro­pean Cen­tral Bank might need to step up its mon­e­tary stim­u­lus to safe­guard its in­fla­tion goal. ECB Ex­ec­u­tive Board mem­ber Peter Praet said this week that there should be no doubt that pol­i­cy­mak­ers would re­act if needed, in­clud­ing by ex­pand­ing or ex­tend­ing quan­ti­ta­tive eas­ing (QE). Still, he said of­fi­cials also need to dis­tance them­selves from the mar­ket volatil­ity and judge the con­se­quences for the euro area.

ANEK Group

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