- Steen Jakobsen, chief economist at Saxo Bank
The eurozone trade surplus rose to 11.3 billion euros in September, up from 9.9 billion euros in the preceding month, a positive sign for the struggling economy. However, current account, which includes income flows, and unilateral transfers, narrowed in September, due to the significant drop in income. The European Central Bank said current account surplus declined to 800 million euros, compared to 10.9 billion euros in August. Exports from the region fell 1.1% from August, while imports were 2.7% lower.
"This was totally expected because of austerity policies combined with world growth slowing down and a dramatic fall in activity in Germany and the Netherlands," said Steen Jakobsen, chief economist at Saxo Bank.
"September's plunge in euro zone industrial production provides firm evidence that the economic outlook in the region is continuing to deteriorate," said Ben May, an economist at Capital Economics in London.
The Stoxx Europe 600 Index lost 1.00 per cent to 262.86. Germany's DAX Index fell 1.32 per cent to 6,950.53, while France's CAC 40 Index dropped 1.21 per cent to 3,341.52.
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