Europe: Austerity Implemented Confidence Rises

From Bloomberg - European confidence in the economic outlook unexpectedly improved this month as executives and consumers weathered tougher government budget cuts by countries struggling to convince investors that they won’t need external aid. An index of executive and consumer sentiment in the 16 euro nations rose to 103.2, the highest since January 2008, from a revised 102.3 in August, the European Commission in Brussels said in an e-mailed statement today. That compares with economists’ forecast for a decline to 101.3, based on the median of 28 estimates in a Bloomberg News survey. Europe’s recovery may lose some momentum after surging exports and a rebound in investment helped fuel the fastest growth in four years in the second quarter. While business sentiment in Germany also unexpectedly rose this month, the European Commission on Sept. 13 forecast a more “moderate” expansion in the second half of the year as governments from Ireland to Portugal step up spending cuts to push down deficits. Read more here:

Europe: Austerity Implemented Confidence Rises