Say what you will about the future of the eurozone, its corporate sector is surely showing some resiliency.
Over the past three months, the German Dax is up 11.61% and the French CAC is up a more modest 3.25%.
While this may just be another sign of investors moving out of bonds and into equities, there is further reason to be confident about the region’s corporate future.
Loan growth has returned to the eurozone’s corporate sector, while it slides a bit for households. Loan growth was at 2.0% year-over-year for the eurozone in November.
From Societe Generale:
There was also good news in the fact that loans to non-financial corporations increased by €11bn, just more than offsetting the €10bn decline recorded in October. The annual rate of growth rose to -0.1% yoy from -0.5%. This adds to evidence that with the usual lag, the corporate credit cycle is beginning to pick up, albeit with still weak momentum.
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