01 August 2013 12:51 [Source: ICIS news]
LONDON (ICIS)--The European Central Bank (ECB) held its key interest rate at 0.50% on Thursday, as the eurozone economy continues to stabilise.
The ECB cut rates by 0.25% in May this year, the first shift in ECB interest for 10 months, in a bid to stabilise the eurozone’s beleaguered recovery.
The eurozone’s economy has stabilised gradually over the last few months, according to purchasing managers’ index (PMI) data published by researcher Markit. The eurozone’s composite output strengthened to 48.7 in June from 47.7 in May, reaching 50.3 in July, with figures above 50.0 representing output expansion.
Following an historic seven consecutive quarters of negative growth, the 50.3 figure for July indicates only the mildest of growth levels, indicating that recovery remains fragile.
For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.
Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.
|ICIS news FREE TRIAL|
|Get access to breaking chemical news as it happens.|
|ICIS Global Petrochemical Index (IPEX)|
|ICIS Global Petrochemical Index (IPEX). Download the free tabular data and a chart of the historical index|
Asian Chemical Connections