U.K. gross domestic product rose 1.1 percent in the three months through June, almost twice as fast as the 0.6 percent gain predicted by economists in a Bloomberg News survey, the Office for National Statistics said in London today. In Munich, the Ifo institute said its business climate index, based on a poll of 7,000 executives, jumped to 106.2 this month, confounding expectations of a decline.
The reports suggest two of Europe’s largest economies are being buoyed by slides in the pound and the euro just as factories step up production to meet global demand. At the same time, government efforts to cut budget deficits and a weakening U.S. economy may damp European growth, while publication of bank stress-test results today could weigh on market sentiment.
For more: Europe Shows Strength as U.K., German Indicators Top Forecasts - Bloomberg
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