EU data shows signs of recovery

The Producer Price Index in Spain is forecasted to improve to -2.09% today, offering an indication that recovery in the eurozone is moving along in line with the sentiments expressed earlier in the week by ECB President, Mario Draghi. The positive Spanish data come on the back of positive manufacturing data from across the eurozone released yesterday, which indicated that industrial production and employment is now moving in an upward direction.

In addition, business confidence is expected to edge up in the eurozone’s second largest economy. French Business Confidence Index is expected to increase to 99.3 from 99 recorded last month. 

Overall, figures released so far this week point to an encouraging trend for eurozone economies, with the ECB’s QE programme showing signs of having an impact, aided in no small part by the depreciation in oil prices and the euro.

The Greek question continues to be a concern across the continent, with the Athens government said to have taken money out of the health budget in a bid to keep the country afloat. That action may have been precipitated by the the decision of the ECB to forbid Greek banks from buying government debt. The move from the ECB has been seen as a means of tightening the squeeze on the Syriza government.