EUR News

• Last week’s video conference of members of the European Council to discuss the EU’s response to the Covid-19 outbreak again highlighted the slow pace and complexity of decision making by the bloc’s leaders.
• Combined with a crash in IHS Markit’s composite purchasing managers’index for the Eurozone in April to 13.5, by far its lowest reading since the survey began in mid-1998, it’s hard to see anything other than a further decline in the Euro.

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The European Central Bank will likely boost its Pandemic Emergency Purchase Program at Thursday’s meeting of its Governing Council; a move that could give the Euro a lift.

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The euro area unemployment rate increased in April as member countries implemented coronavirus, or Covid-19, containment measures, data from Eurostat showed Wednesday.

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Germany's investor confidence rebounded at record rate in June as lockdown restrictions imposed to slow the spread of the coronavirus were eased across Europe, survey data from the ifo institute showed on Wednesday.

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German inflation rose unexpectedly in June from a 45-month low, preliminary data from Destatis revealed Monday.

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Germany's economy shrank at a record pace in the second quarter, but recent indicators suggest activity increased significantly in recent weeks and the recovery is likely to continue in the second half of the year supported by the fiscal stimulus, Bundesbank said in its monthly report on Monday.

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Spain's unemployment rate increased for the second straight time as the lockdown to contain the spread of the coronavirus weighed heavily on the labor market, data from the statistical office INE showed Tuesday.

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Germany's economy shrank less than initially estimated in the second quarter but the pace of contraction was the sharpest on record as the coronavirus pandemic shattered spending, investment and trade, revised data from Destatis revealed Tuesday. Elsewhere, survey results from the ifo Institute showed that German business confidence improved for the fourth straight month in August.

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Eurozone consumer confidence rose improved more-than-expected in September to its highest level in six months, preliminary data from the European Commission showed on Tuesday.

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Following the resurgence of the coronavirus infection rates, the euro area private sector stagnated in September as faster growth in manufacturing was offset by a renewed downturn in the service sector, flash survey data from IHS Markit showed Wednesday. The composite output index declined to 50.1 in September from 51.9 in August. Economists had forecast the reading to drop to 51.7.

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