Only a few months ago the eurozone seemed to be in meltdown. Peripheral bond spreads were widening, the political environment was fragile and earnings estimates were falling.
It was hard to see any positive signs. However, it does now appear that the background is improving. According to figures released in August, for example, the eurozone emerged from recession in the second quarter of 2013 after a record 18 months of economic contraction. The good news has continued, with consumer confidence rising to its highest level in more than two years in August. Moreover, August orders for goods made in the eurozone were recorded at their fastest rate since May 2011, leaving factories unable to keep up with demand, according to the widely watched Markit Manufactu...
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