Italian GDP rises by 0.5% as expected - Euro looks strong

Mark Carney

GETTYBoE Governor Mark Carney

It was 2.5% higher than in the same period of 2016. "Because of that, this could well be its strongest year for growth since 2007".

The euro zone economy grew by more than the United States in the third quarter compared with a year earlier, data showed today. Euro zone GDP grew 3.0 percent in 2007, and reached 2.1 percent in 2010 and 2015. GERMANY, ITALY, NETHERLANDS Euro coins are seen in front of a USA one dollar banknote displayed in this picture illustration taken in Zenica, March 13, 2015.

Among the bloc's biggest economies, Germany did best, racing ahead at a quarterly clip of 0.8%, up from 0.6% over the prior three-month stretch, while in Italy and Portugal growth accelerated from 0.3% to 0.5%.

But it rose 3.3% year-on-year, slightly beating economists' average forecast of a 3.2% increase.

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"Capital flows have picked up in recent days into European risky assets from global investors and with Draghi sketching out a picture of low interest rates and strong growth in recent appearances, the euro's outlook is becoming robust", said Manuel Oliveri, an FX strategist at Credit Agricole in London.

Sterling remained on the back foot, weakening by 0.1 percent to $1.3101 after falling 0.6 percent on Monday. "New orders for manufacturing surged in August and businesses are reporting large backlogs of work according to the PMI survey".

China's GDP growth is expected to slow to 6.3% in 2018 after an impressive 6.8% this year.

In early London trades, the euro rose 0.3 percent to $1.1696, its highest since October 26, when the European Central Bank said it would extend its asset purchase program until at least September. It nevertheless promised years of stimulus and left the door open to backtracking.

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