20 Feb 2015
European consumers not bothered by Grexit….yet – ING
FXStreet (Barcelona) - Teunis Brosens of ING, comments that the recent improvement in European consumer confidence signals that European consumers have not been bothered about a potential ‘Grexit’ risk, and further expects consumption to pace moderately in 2015 and complement gains in both manufacturing and services PMI .
Key Quotes
“Grexit fears are not keeping European consumers awake yet. That at least is the conclusion of yesterday’s flash estimate of consumer confidence by the European Commission. Eurozone consumer confidence improved further in February, to -6.7 in February from -8.5 in January.”
“Improving consumer confidence is an encouraging sign, but it remains to be seen to what extent it translates into actual consumer spending.”
“Consumer sentiment hasn’t been a particularly accurate guide to Eurozone consumer spending recently. That said, we do expect a further albeit very modest acceleration of consumption in 2015 – provided the euro area can agree an extension of the financial aid to Greece.”
“Today brings further news on the performance of the Eurozone economy in February, with the flash PMI estimates. We are looking for further gains in both the manufacturing and services sector PMI, driven mainly by the weakening of the euro and stronger consumer purchasing power, respectively.”
Key Quotes
“Grexit fears are not keeping European consumers awake yet. That at least is the conclusion of yesterday’s flash estimate of consumer confidence by the European Commission. Eurozone consumer confidence improved further in February, to -6.7 in February from -8.5 in January.”
“Improving consumer confidence is an encouraging sign, but it remains to be seen to what extent it translates into actual consumer spending.”
“Consumer sentiment hasn’t been a particularly accurate guide to Eurozone consumer spending recently. That said, we do expect a further albeit very modest acceleration of consumption in 2015 – provided the euro area can agree an extension of the financial aid to Greece.”
“Today brings further news on the performance of the Eurozone economy in February, with the flash PMI estimates. We are looking for further gains in both the manufacturing and services sector PMI, driven mainly by the weakening of the euro and stronger consumer purchasing power, respectively.”