EURO ZONE

摘要

Latest data going into Q3 suggest that the Euro zone recovery has been strongerthan expected, despite lingering public debt jitters. Germany has been leading the way with falling unemployment and strong foreign orders for manufacturing. Indeed, Euro area industrial production notched up 9.5% growth (y-o-y) in May, compared with a 17.9% fall in the same month in 2009. With equity markets somewhat assuaged by efforts at fiscal consolidation in recent months, forward-looking sentiment has also gained, with July's manufacturing and services PMIs rising by more than expected.