23rd June 2015
Stock markets in Europe remain buoyed by the optimism surrounding the Greek debt saga, and also positive eurozone PMI figures.
Business growth in the eurozone accelerated to a four-year high, according to Markit’s composite flash PMI index. The data showed that activity rose to 54.1 in June, up from 53.6 last month; surpassing consensus estimates.
French business activity was the leader in terms of growth, with its manufacturing sector expanding for the first time since April 2014.
The figures helped eurozone businesses expand at their fastest rate in four years, which saw European equities hit their highest levels in three weeks on the news.
Chris Williamson, chief economist at Markit, noted that the “decent upturn” in business activity, coupled with growth in jobs and demand, indicate the eurozone’s economic activity in the second quarter could reach 0.4 per cent.
Mr Williamson cited the European Central Bank’s ongoing quantitative easing scheme as a considerable factor behind growth in the single currency region. He noted that there are signs of stimulus driving rises in business and consumer confidence.
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