"Slower global growth is increasingly weighing down on foreign demand"
- Howard Archer, chief European economist at IHS Global Insight
Eurozone's current account surplus narrowed more than expected in July, as exports from the 17-nation region erased 2% from June, and imports lost 1.2%, the ECB said on Monday. Current account shrank to 9.7 billion euros last month, from 14.3 billion euros in the previous month.
"Slower global growth is increasingly weighing down on foreign demand," said Howard Archer, chief European economist at IHS Global Insight in London.
"This reinforces the belief that the euro zone is headed for further gross-domestic-product contraction in the third quarter given that growing exports was one of the few positives" in the first half.
The Stoxx Europe 600 Index fell 0.18 per cent to 272.42. Germany's DAX Index erased 0.45 per cent to 7,310.32 and France's CAC 40 Index lost 1.18 per cent to 3,502.09.
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