UK vs ECB: Britain squares up to Eurozone in legal battle for City’s rights July 9, 2014 British lawyers accused the European Central Bank (ECB) of breaking the single market rules in a landmark case yesterday. By insisting euro-denominated payment transactions are cleared within the Eurozone, the ECB is breaking the law, the Treasury argued. The UK complained in 2011 but it has taken until now to reach the European Court of Justice [...]
Eurozone retail sees zero growth and the EU’s statisticians are calling that “stable” July 3, 2014 Eurozone retail has hit an unexpected roadblock in May. Retail sales haven't seen the 0.2 per cent growth expected, and have instead been entirely motionless. There's been zero retail sales growth in the euro area this May. The numbers, released by Eurostat, are a disappointment for economy watchers. Retail sales are up by just 0.7 [...]
Eurozone manufacturing sectors show slow growth July 1, 2014 The Eurozone’s industrial growth slowed for a second month in June, according to a series of business surveys which suggested the currency union was still expanding only at a weak pace. Markit’s manufacturing purchasing managers’ index (PMI) released yesterday came in at just 51.8 in June, the lowest of 2014 so far. New business inflows [...]
The crisis isn’t over: The Eurozone’s laggards still need disciplining July 1, 2014 THE POLISH banking and financial elite gathered last week at a conference in the Baltic seaside resort of Sopot. The proceedings were enlivened by the presence on the platform of Jacek Rostowski, one of the senior Polish politicians recently caught on tape badmouthing David Cameron, in very colourful terms, for his failure to stand up [...]
Why is the Eurozone recovery starting to lose momentum? July 1, 2014 Manufacturing in the Eurozone area eased in June amid signs that the recovery is losing ground. The latest figures from Markit see June's headline purchasing managers' index (PMI) for the Eurozone dip to a seven-month low of 51.8 from 52.2 in May. Growth of both output and new orders slowed in the last month. Any [...]
Eurozone unemployment sees surprise drop July 1, 2014 The euro area's headline jobless rate has moved slightly lower in May, now at 11.6 per cent. Analysts had expected to see that Eurostat would report Eurozone unemployment was at 11.7 this month, after falling from 11.8 per cent in April. April's estimate has now been revised down from 11.7 per cent to 11.6 per [...]
Higher core Eurozone inflation may allow ECB to “wait and see” June 30, 2014 Inflation in the euro area has held steady in June, static at an annual rate of 0.5 per cent, according to data released by Eurostat. Fears over the disinflationary climate in the Eurozone prompted the European Central Bank (ECB) to take action this month, with president Mario Draghi delivering a package of measures aimed at [...]
Eurozone confidence slides on geopolitical fears June 27, 2014 The latest data from the European Commission (EC) has shown a drop in headline Eurozone consumer confidence, falling to -7.5 in June. Analysts had expected to see data firm up slightly, with economists forecasting an increase to -6.7 this month from a reading of -7.1 in May. In a preview of today's release, [...]
Eurozone to hold off interest rate increase until at least 2016 June 23, 2014 European Central Bank (ECB) chief Mario Draghi has hinted that policymakers would likely not hike rates for at least another 18 months. “We have prolonged banks’ access to unlimited liquidity up to the end of 2016. That is a signal. Our programme in support of bank lending to businesses will continue for four years,” the ECB [...]
Eurozone growth stutters as French output threatened by oil price risks June 23, 2014 Preliminary survey data shows that the Eurozone's (still) fledgling recovery has stuttered in June. Purchasing managers' index (PMI) data released by Markit shows that the pace of expansion across the private sector has slowed a little, with a headline PMI of 52.8 in the euro area. Any number above 50 implies that order books are [...]