EURO ZONE

摘要

The breakdown of Q3 GDP (released just after our survey deadline) showed consumption helping to drive GDP growth. Activity rose by 0.3% (q-o-q), down slightly from 0.4% in Q2, although in y-o-y terms GDP accelerated by 1.6%. Weak international trade was a drag on growth. However, November's composite PMI recorded its strongest expansion in four years, showing some hope for Q4. Meanwhile, the ECB extended its quantitative easing program on December 3. However, the markets were expecting an even bigger rise in monthly purchases and had priced in such an expansion in QE. Consequently, stock and bond markets saw massive sell-offs while the euro, which had weakened close to parity against the US dollar in recent weeks, rose on the news.