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Eurozone business and consumer confidence survey results not very encouraging - BNP Paribas

FXStreet (Łódź) - BNP Paribas economist Clemente de Lucia comments on the disappointing results of the European Commission's September business and consumer confidence survey, with the Economic Sentiment Indicator falling by 0.7 to 99.9, its lowest level since November 2013.

Key quotes

"Over the quarter, the ESI lost more than1 point. Other surveys, such as the PMI, provided a similar message: although still consistent with growth, output is losing momentum."

"The survey confirms the total absence of price pressures; firms selling prices expectations continued to lose ground and the pace of the slowdown accelerated, while consumer inflation expectations 1-year ahead eased further."

"After stabilising in Q2, where temporary factors weighed on activity, GDP growth might have expanded by just 0.1% in Q3."

"A more accommodative monetary policy stance, less fiscal tightening measures and the ongoing depreciation of the currency should sustain activity going forwards."

"Yet, do not expect a sharp increase in activity in the short run; these measures will fully affect the economy with some lags."

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