FRANKFURT, Germany – The latest on the European economy as the European Central Bank meets to discuss its monetary policy (all times local):
Waning concerns over a Greek exit from the euro appear to be shoring up the economic recovery across the 19-country eurozone despite renewed uncertainty over the global economy, according to a closely-watched survey.
Financial information company Markit says its monthly composite purchasing managers' index — a gauge of economic activity — rose to a four-year high of 54.3 points in August from 53.9 the previous month. The increase was also larger than the initial estimate for a more modest rise to 54.1. Anything above 50 indicates expansion.
Chris Williamson, Markit's chief economist, said the calming of so-called Grexit fears "has led to an improvement in the business environment across the eurozone."
Williamson said the indicator suggests that the eurozone is growing at a quarterly tick of 0.4 percent in the third quarter.