Sunday May 24, 2015 Search
Weather | Athens
14o C
09o 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)  
Greece does not have the money to make June IMF repayment, warns interior minister
Hotel contracts with a ‘Greek default clause’
Listed firms have whisked away most of their cash reserves
Car sales drop a gear on VAT rate uncertainty
Greeks back government´s red lines, but want to keep euro
Cash-strapped Greeks remain supportive of the leftist government's tough negotiating style, according to a new poll published Sunday, but hope for a deal with creditors that will keep the eu...
SYRIZA seeks new relationship with police
After a rather rocky start in its relationship with the country’s police force, the leftist-led coalition appears to be seeking closer cooperation but without being too obvious about it. A f...
Inside News
SOCCER
Reds add Cup to league trophy with 3-1 win over Xanthi
Olympiakos completed a league-and-cup double on Saturday by beating Xanthi 3-1 in the Greek Cup final at the Olympic Stadium of Athens, that was more balanced than the final score suggests. ...
BASKETBALL
Olympiakos strolls past Korivos Amaliadas
Olympiakos completed the Basket League’s semifinal line-up on Saturday after sweeping Korivos Amaliadas with a 2-0 score in the best-of-three quarterfinals. After winning 91-52 in Game 1 at ...
Inside Sports
COMMENTARY
The good news and the bad
The good news is that a Greek default will most likely be prevented, a deal will be reached with the country’s creditors and an extension will be granted for negotiations over the next bailo...
EDITORIAL
Geopolitical threats
Greece needs to extricate itself from this crisis fast and get back on its feet, not least because the geopolitical climate is becoming increasingly stormy. The Balkan region is re-entering ...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
 RECENT NEWS
1. Greeks back government´s red lines, but want to keep euro
2. Greece does not have the money to make June IMF repayment, warns interior minister
3. SYRIZA seeks new relationship with police
4. Solving islands´ water problems would take 66.4 mln euros, study finds
5. Reds add Cup to league trophy with 3-1 win over Xanthi
6. Olympiakos strolls past Korivos Amaliadas
more news
Today
This Week
1. Greeks back government's red lines, but want to keep euro
2. Greece does not have the money to make June IMF repayment, warns interior minister
3. The good news and the bad
4. SYRIZA seeks new relationship with police
5. Solving islands' water problems would take 66.4 mln euros, study finds
6. Geopolitical threats
Today
This Week
1. The Greek-German breakthrough that didn’t come
2. Conspiracy madness
3. Greece came close to not paying IMF
4. National self-awareness put to the test
5. Albanian demarche raises concerns about possible territorial claims over Greece
6. Greek endgame nears for Tsipras as bank collateral hits buffers
   Find us ...
  ... on
Twitter
     ... on Facebook   
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2015, H KAΘHMEPINH All Rights Reserved.