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Evidence are now plenty that latest move by European Central Bank (ECB) to purchase assets at € 60 billion per month is benefiting the real economy.
Economic releases are providing evidence for such.
- April services PMI for Euro zone moved to new high of 54.1 compared to 53.7 of median estimate.
- German services PMI continue to remain in sold expansionary zone at 54.
- Spanish services PMI reached new 9 year high at 60.3
- Italian services PMI reached beat flash estimate and reached 53.1 in April, up from 51.6 in March.
Evidence also indicates that employment are rising at pre-crisis level in some of Euro area economies such as Spain, Ireland and Italy.
Loans to corporate has returned to positive territory and ECB reports on credit conditions suggests that conditions have eased significantly as high risk perception diminishes.
Chart above from Frederik Ducrozet shows that interest rates to SME loans fell to new record in Sapin and Italy, reaching 3.4% and 4.1% respectively for loans up to € 1million and with maturity of less than 5 years.
Return of growth to Euro zone with Euro hovering at such low, makes European assets such as real estate and stocks very lucrative. With weaker Euro, EMU can turn its falling export share in global economy.
