The eurozone is starting to motor. The Economic Sentiment Indicator (ESI), an index that tracks both business and consumer confidence in each country, jumped to 111.1 in June, the highest level since August 2007. Households finally seem to be gaining the urge to splurge, with the sub-index gauging consumer confidence at a 16-year peak. On past form, the ESI now implies a jump in eurozone annual GDP growth from 1.9% between January and March to 2.5%, according to Capital Economics, although the ESI has overstated growth in the past few quarters.
Viewpoint
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