European Economic News

Eurozone private sector moved into the expansion zone in January for the first time in seven months, raising hopes that the currency bloc would escape a recession, final survey results from S&P Global showed Friday. At 50.3 in January, the composite output index climbed from 49.3 in December. The flash score was 50.2.

UK service providers reported another reduction in their business activity at the start of the year largely due to subdued spending by both businesses and consumers, final results of the Purchasing Managers' survey from S&P Global revealed Friday. The Chartered Institute of Procurement & Supply services Purchasing Managers' Index fell to 48.7 from 49.9 in the previous month.

Eurozone producer price inflation eased for the fourth consecutive month in December to the lowest level in just over a year, as energy prices continued to rise at a slower rate, data from the statistical office Eurostat showed Friday. The producer price index registered an annual increase of 24.6...

French industrial production rose more than expected in December as manufacturing was boosted by the strong growth in the transport equipment segment, preliminary data from the statistical office INSEE showed Friday. The industrial production index rose 1.1 percent from November, when it grew 2.0 percent. Economists were looking for a 0.2 percent increase.

Sweden's service sector growth slowed sharply in January to the lowest level since the current expansion cycle began in June 2020 amid falls in new orders and business volume, the purchasing managers' survey results from from Swedbank and the logistics association Silf showed on Friday. The purchasing...

Turkey's consumer price inflation eased for a third month in a row in January, but remained strong, preliminary figures from the statistical office Turkstat showed Friday. The consumer price index, or CPI, rose 57.68 percent year-on-year following a 64.27 percent increase in December. Economists had forecast 53.5 percent inflation. In the same month last year, inflation was 14.97 percent.

Russia's service sector deterioration eased at the end of the year, as both output and new orders fell only marginally despite the weaker demand conditions in domestic and foreign markets, survey results from S&P Global showed on Friday. The Services Purchasing Managers' Index, or PMI, rose to 48.7...

Ireland's service sector strengthened in January as both activity and new business grew at faster rates, survey data from S&P Global showed Friday. The AIB services Purchasing Managers' Index rose to 54.1 in January from 52.7 in December, survey data from S&P Global showed Friday. This was the...

Final composite Purchasing Managers' survey results from the euro area and other major Eurozone economies are due on Friday, headlining a busy day for the European economic news. At 2.45 am ET, France's statistical office INSEE is scheduled to issue industrial production for December. Economists forecast output to grow 0.2 percent on month, slower than the 2.0 percent increase in January.

European Central Bank President Christine Lagarde said on Thursday that euro area economic activity is set to remain sluggish in the near term and the unemployment could rise further in the face of slower job creation, as policymakers decided to continue hiking interest rates in a steady manner.

The Bank of England raised its benchmark rate by a half percentage point on Thursday citing stronger-than-expected wage growth but softened its stance on future tightening as inflation is set to return to the target in medium term. The Monetary Policy Committee voted 7-2 to raise the bank rate by 50 basis points to 4.00 percent, the highest since 2008.

The European Central Bank raised its key interest rates by 50 basis points on Thursday, in line with expectations, and signaled that policymakers plan to repeat the move in March, when they will evaluate the future path of policy rates. The Governing Council, led by ECB President Christine Lagarde, had slowed the pace of interest rate hikes to 50 basis points from 75 basis points in December.

German manufacturing companies reported an ease in material shortages at the start of the year, but the decline may not be strong enough to cope with the expected winter recession, survey results from the Munich-based ifo Institute showed on Thursday. In January, 48.4 percent of German manufacturing companies witnessed material shortages compared to 50.7 percent in December.

The Bank of England raised its benchmark rate for the tenth straight session on Thursday citing stronger-than-expected wage pressures and risks of greater persistence in underlying inflation. The Monetary Policy Committee voted 7-2 to raise the bank rate by 50 basis points to 4.00 percent, the highest...

Consumer sentiment in Switzerland sharply improved in the January quarter to top economists' expectations, driven by significantly less pessimism among households' regarding their own and the national economic situation in the coming months, survey data from the State Secretariat For Economic Affairs, or SECO, showed Thursday. The consumer confidence index climbed to -30 from -47 in the October.