Prospects of a recovery improving for eurozone

Economic reports are suggesting the European economy has finally stabilised and, with the global backdrop strengthening, consensus is that the prospects for a European recovery during 2004 have improved. One such report is the Reuters Purchasing Managers' Index, a survey of eurozone manufacturing activity, which rose in August, suggesting the region's economy has stabilised following recent declines in growth. On the back of hopes for stronger economic growth, financial companies in particular have been making gains, especially in Germany, where HVB and Deutsche Bank both announced impr...