Tuesday Jul 29, 2014 Search
Weather | Athens
31o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Eurozone economic sentiment unexpectedly up in November

Economic confidence in the euro area unexpectedly rose in November even as the single-currency bloc was mired in its second recession in four years and leaders worked to contain the debt crisis.

An index of executive and consumer sentiment in the 17- nation euro area increased to 85.7 from a revised 84.3 in October, the European Commission in Brussels said today. Economists had forecast no change from an initial October reading of 84.5, the median of 33 economists’ estimates in a Bloomberg News survey showed.

Euro area finance ministers earlier this week eased the terms on emergency aid for Greece, declaring that after three years of false starts that Europe has found the formula for nursing the debt-stricken country back to health.

“Today’s numbers are good news and could mean a turnaround,” Marco Valli, chief eurozone economist at UniCredit Global Research in Milan, said by telephone. “While the final quarter of this year still will be clearly negative, the unexpected rise indicates that the economy could stabilize at the beginning of 2013.”

The euro has gained 3.6 percent against the dollar in the past three months as European leaders stepped up their crisis response and the ECB pledged to purchase bonds of distressed nations if they ask for external aid first. It traded at $1.2991 at 11:31 a.m. in Brussels, up 0.3 percent on the day. The Stoxx Europe 600 Index advanced 0.8 percent.

While at least five euro area countries are in recession, business confidence in Germany, France and Italy, the region’s three biggest economies, increased this month.

The euro area posted two successive quarters of negative growth through September and economists foresee a further contraction of 0.3 percent in the fourth quarter, the median of 25 forecasts in a separate Bloomberg survey showed. With unemployment at a record, the Organization for Economic Cooperation and Development this week forecast contractions of 0.4 percent and 0.1 percent this year and next.

A gauge of sentiment among European manufacturers improved to minus 15.1 from minus 18.3 in October, today’s report showed. An indicator of services confidence rose to minus 11.9 from minus 12.1, while consumer sentiment declined to minus 26.9. Sentiment in the construction industry fell from the previous month.

Henkel AG Chief Executive Officer Kasper Rorsted on Nov. 16 warned of a European “crisis that seems to be ongoing and not letting go,” as his company, the German maker of Loctite glues and Persil detergent, reported third-quarter earnings that missed analysts’ estimates. [Bloomberg]

ekathimerini.com , Thursday November 29, 2012 (14:32)  
Great margin for growth in exports
Parliament’s Budget Office says third bailout may be needed
Ryanair ‘not particularly interested’ in Cyprus Air
August 2 expected to be Greek tourism’s D-day
Ministry appeals to keep limit on prescriptions
Faced with the prospect that its attempts to rein in spending on medicines will be scuppered, the Health Ministry appealed on Monday against a Council of State ruling to temporarily suspend ...
Universities aghast at new schools opening
University officials have decried the government’s decision to open two new departments at the same time that funding for the tertiary institutions continues to be slashed. It emerged that t...
Inside News
VOLLEYBALL
Volleyball national team second in European League
Much as the national volleyball team tried to repeat in the finals of the European League the feat it had achieved in the semifinals, it failed to overturn the advantage Montenegro had got f...
SOCCER
Ranieri says he has little to change in Greek national team
The Hellenic Football Federation (EPO) presented Claudio Ranieri as the new Greece coach for the next couple of years, after the Italian manager signed his contract in Athens on Friday. “I l...
Inside Sports
COMMENTARY
Weighing all the factors
Certain people in the know continue to believe that snap elections will take place in the fall. Prime Minister Antonis Samaras is obviously aware of this trend, which is why he told Parliame...
EDITORIAL
Clear rules, for everyone
If we want to deal with the economic crisis, we need clear rules. A large number of individuals and businesses have amassed huge debts they cannot service. And some worrying symptoms have al...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Ministry appeals to keep limit on prescriptions
2. Great margin for growth in exports
3. Universities aghast at new schools opening
4. Greece to hold next talks with troika in Paris, not Athens
5. Anastasiades sees lack of progress on Cyprus talks
6. Supreme Court deputy prosecutor says ex-finance chief should be tried over ‘Lagarde list’
more news
Today
This Week
1. Defense Minister Avramopoulos to represent Greece at European Commission
2. Tree collapses in village square, killing nine-year-old boy
3. Euro inflation seen testing ECB patience as stimulus takes time
4. Minister mulls fixing food and drink prices at non-private beaches
5. Maziotis moved to Diavata Prison in Thessaloniki
6. Multi-bill containing prior actions ready for Parliament
Today
This Week
1. Climber dies in Mount Olympus fall
2. Greek sovereign debt at 174.1 percent of GDP in first quarter
3. Unequal after death
4. Hedge fund Dromeus turns Greek tragedy to triumph with 160 pct gain
5. Quadriplegic woman on life support 'dies due to unpaid power bills'
6. Front-line threats
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.