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30 Mar 2021 | 12:05

European economic sentiment stages another sharp rise in March

(Sharecast News) - Economic confidence in the Eurozone rebounded sharply in March, returning to above its long-run average, the results of a closely-followed survey revealed. The European Commission's Economic Sentiment Index for the euro area jumped by 7.9 points from 90.9 in February to 97.7 for March.

It was the ESI's largest one-month increase since June.

A sub-index for industrial confidence snapped higher from -3.3 to 2.0, while that for consumer confidence improved from -15.5 to -10.8, confirming an earlier estimate.

The results of the survey appeared to confirm rising optimism around the expected acceleration in vaccine rollouts within the single currency bloc in the second quarter.

Expectations for fresh fiscal stimulus in the US, where some observers believed 'herd immunity' might be reached as soon as April, was likely another factor.

Data for the past weekend showed that approximately 10.0m doses had been administered in the US over a span of three days.

Linked to the Biden administration's stimulus plans, the US president was expected to outline his new spending plans in a speech in Pittsburgh the next day.
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