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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: orkrious who wrote (803)2/27/2004 11:20:46 AM
From: mishedlo   of 116555
 
Euro business confidence stalls in Feb
Friday, February 27 12:07:35

Confidence among executives in the eurozone held steady in February as bosses worried that the stronger euro would hurt export growth.

The European Commission said its measure of business confidence remained at minus six this month, after rising to a three-year high in January. The index is based on a survey of 25,000 companies in the 12 nations that share the euro.
"The assessment of order books and of the stock of finished products was slightly more downbeat in comparison to January," the Commission said.


Consumer confidence rose in February, rising by one point to minus 15. The Commission said consumers have become "more upbeat" about the general economic situation and the development of unemployment.

The Commission's overall eurozone business climate indicator fell slightly to 0.01 in February from 0.04 in January, hurt by a decline in the components measuring production trends and export order books. Executives are worried that the stronger euro - which rose to a record high of USD1.2930 earlier this week - will curb foreign demand for eurozone goods.

German Chancellor Gerhard Schroeder this week urged the ECB to cut rates, saying the stronger currency was hurting business confidence in Germany.

At 1200, the euro was worth USD1.2396, down from USD1.2443 earlier, under pressure amid speculation that the ECB may discuss cutting rates next week.

businessworld.ie
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