Moderate GDP growth with little likelihood of acceleration. Leading indicators and confidence at half-mast. CPI to fall below +2% very soon. Looser monetary policy. Appreciation of the euro, bonds and equities.

Key points

• European economy grows at a moderate pace
• No acceleration in short-term growth
• Leading indicators remain highly uncertain
• Confidence remains extremely fragile
• Inflation set to fall below 2% soon
• ECB needs to speed up rate adjustment
• Positive but moderate outlook for eurozone bond markets
• Inflation and interest-rate spreads favorable to the euro
• Attractive average yields and price/net asset ratios
• Temporary hesitations for European equities

Discover an extract from our weekly analysis below:

Full version