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.
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