Euro-area consumer confidence increased for an eleventh month in October, adding to signs that the 17-nation currency bloc’s economic recovery is gaining momentum.
An index of household confidence in the euro zone rose to minus 14.5, the highest level since July 2011, from minus 14.9 in September, the European Commission in Brussels said in a preliminary report today. That’s in line with the median forecast in a Bloomberg News survey of 28 economists.
European Central Bank President Mario Draghi said on Oct. 2 that the bank will keep key interest rates “at present or lower levels for an extended period,” based in part on the “broad-based weakness in the economy.” Economists in a separate Bloomberg survey see economic growth slowing to 0.2 percent in the third quarter after a 0.3 percent expansion in the three months through June.
Carrefour SA, France’s largest retailer, last week said third-quarter domestic hypermarket sales rose for the first time in more than two years as a turnaround gathered pace in the euro-area’s second-largest economy. Sales declined less than anticipated by analysts in Italy and Spain, respectively the euro area’s third- and fourth-largest economies.