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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
MNI (LONDON) - Eurozone economic activity has been mixed recently across sectors and countries. A pick-up in growth is yet to materialize, being held back by restrained fixed investment and declining fiscal stimulus. Inflation has moderated enough to allow the ECB to continue easing monetary policy at its September meeting, though sticky services prices amid low labour productivity add uncertainty over the pace of cuts going forward.
Full PDF Analysis here: 2024_09_Eurozone_Macro_Signal.pdf
- Final GDP growth printed slightly soft at +0.2% Q/Q in Q2. Momentum was uneven across the main countries. Manufacturing continues to struggle, retail sales have been weak, and sentiment is subdued. Services appear to remain a bright spot, however.
- The Eurozone labour market has shown some signs of cooling in recent months but remains resilient. Wage pressures moderated significantly in Q2. While unemployment remains at record lows, a pullback in job vacancies implies a reduction of demand-side pressure on the labour market. Productivity growth remains low.
- The ECB still sees considerable uncertainty in its rate path going forward beyond the all-but-certain September cut, with the Governing Council’s future decisions dependent on inflation and wage growth momentum.
- Growth in the Eurozone is projected to pick up in the coming quarters. But the pace of recovery will be subdued, as indicated by weak industry data and mixed sentiment.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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