Davy Research

Market comment

Market comment - Eurozone economy firing on all cylinders

DAVY VIEW

The 1% rise in eurozone industrial production in November suggests that the sector had another strong quarter in Q4. Output is now up 3.3% year-on-year (yoy), with broad-based growth across sectors. In particular, the rise in capital goods manufacturing signals that the recovery in business investment continued in the final quarter. Other evidence from services PMIs and retail and unemployment data suggest that eurozone GDP growth probably surpassed the 0.6% gain in Q3, and the economy is now firing on all cylinders.

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