Economic sentiment in the Eurozone improved slightly before the meeting of European Central Bank (ECB), which will be held amid hopes for better prospects for the 19-nation currency union. The index of the European Commission for business and consumer confidence rose from 106.4 points to 106.5 points in November, below expectations of analysts surveyed to 106.8 points, against expectations of a more pronounced increase as more positive views among consumers and in retail and construction just outweighed downbeat manufacturing.
Separately, the business climate indicator also calculated by the Commission, dropped to 0.42 in November from October’s 0.56, which had been its highest level since June 2011.
The selling price expectations among manufacturers rose for a third consecutive month to 4.8 from 3.5 in October and 0.0 in September. Among consumers, the inflation expectations over the next 12 months also increased to 6.3 in November after slipping in October to 4.3. It was still well below the long-term average since 1990 of 19.
The data come together with signs of accelerating of inflation in the Eurozone and by forecasts for continued economic growth. However, ECB President Mario Draghi warned that along with the encouraging trends would be premature to fall into euphoria about the prospects for the economy, which still depends on the support of monetary policy.
Eurostat will publish inflation data for November on Wednesday and unemployment data in October on Thursday. Next week, on December 8, will be held the meeting of the ECB when it will become clear whether there will be changes in the program for incentives. Furthermore, the Bank will publish new forecasts for economic growth and inflation.
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