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Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Growth in the service sector saved the eurozone from recession in October

November, 06 2024
watermark Economic news

Economic activity in the eurozone showed unexpected resilience in October, avoiding a second recession in a row. The growth of the service sector has become a key factor, allowing the S&P Global business activity index to reach 50 points.


Earlier forecasts were less optimistic, but the revised data indicate a stronger economic development compared to initial estimates.


Experts attribute this stability to a gradual decrease in inflation and wage growth, which stimulates consumption in the service sector.


Despite the positive dynamics in the European labor market, the shortage of workers puts pressure on wages and may become an obstacle for the European Central Bank to achieve inflation of 2%. 


Investors, taking into account these circumstances, adjusted their expectations about the ECB's interest rate cut in December. At the same time, they are still waiting for continued monetary easing next year.


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Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.