The eurozone economy is bottoming out – ING

The November Economic Sentiment Indicator and monetary aggregates paint a more mixed picture for the time being, though there is hope for improvement, explained Peter Vanden Houte – Chief Economist Belgium, Eurozone at ING.

Key Quotes:

“The latest batch of data gives the feeling that the economy is still in some kind of purgatory, with the jury still out as to whether the next phase will be heaven or hell. The good news is that the eurozone economy doesn’t seem to be weakening any further. But that doesn’t mean that a strong upturn is in the offing, certainly not in the short-term. That said, looking at the monetary aggregates for October that were also published today, there is hope for improvement in the course of 2020. As a matter of fact, M1 growth, which is one of the better leading indicators for the eurozone economy, increased to 8.4% in October from 7.9% in September.”