More encouraging economic news out of Europe, with UK economic growth accelerating at its fastest pace in more than 3 years. UK GDP rose by 0.8%, up from growth of 0.7% between April and June - and the biggest increase since the second quarter of 2010, the Office for National Statistics said this morning in London.
Investors are so conditioned to hearing bad news from Europe, European growth may come as a surprise to the market for some time. Is it too hard to believe that even the PIGS are nearly all growing again ? Portugal: +1.1% Italy: -0.3% Greece: +0.2% Spain +0.1% (QoQ basis)
European growth has been the outsider in financial conversations. We have been so focused on US and China that Europe has almost been a secondary conversation.