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26 Feb 2015
Upbeat European consumers to drive Eurozone growth - ING
FXStreet (Barcelona) - Teunis Brosens of ING, reviews the Eurozone economic sentiment release, viewing that improvement in consumer confidence led the headline sentiment surge to 102.1 from previous 101.4.
Key Quotes
“While consumers became increasingly confident in February, businesses remain hesitant. That is the picture emerging from February’s European Commission (EC) business and consumer survey.
“Headline sentiment edged up to 102.1 from 101.4, almost entirely driven by an improvement of consumer confidence.”
“Sentiment in the industry sector was little changed at -4.7 in February versus -4.8 last month. Employment expectations in the sector have been improving for three months in a row now. Selling price expectations, although still low, did not deteriorate further compared to January.”
“Services sector sentiment edged up to 4.5 from 4.8. Here too, employment expectations improved.”
“Consumers have become more optimistic on the economic outlook and also on the outlook of their own financial situation.”
“The ECB will be relieved to see that deflationary expectations among businesses and consumers have not worsened further in February.”
“Indeed, with the oil price having stabilised around $60 per barrel for now, headline inflation should not fall much further. We expect it to move back into positive territory after the Summer.”
“With austerity out of the way in most Eurozone countries, low oil prices and the risk of a Grexit contained for now, there is scope for further consumption-led growth in 2015.”
Key Quotes
“While consumers became increasingly confident in February, businesses remain hesitant. That is the picture emerging from February’s European Commission (EC) business and consumer survey.
“Headline sentiment edged up to 102.1 from 101.4, almost entirely driven by an improvement of consumer confidence.”
“Sentiment in the industry sector was little changed at -4.7 in February versus -4.8 last month. Employment expectations in the sector have been improving for three months in a row now. Selling price expectations, although still low, did not deteriorate further compared to January.”
“Services sector sentiment edged up to 4.5 from 4.8. Here too, employment expectations improved.”
“Consumers have become more optimistic on the economic outlook and also on the outlook of their own financial situation.”
“The ECB will be relieved to see that deflationary expectations among businesses and consumers have not worsened further in February.”
“Indeed, with the oil price having stabilised around $60 per barrel for now, headline inflation should not fall much further. We expect it to move back into positive territory after the Summer.”
“With austerity out of the way in most Eurozone countries, low oil prices and the risk of a Grexit contained for now, there is scope for further consumption-led growth in 2015.”