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Perhaps the euro zone economy is bottoming [ClearOnMoney]
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Perhaps the euro zone economy is bottoming

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Commentary

Perhaps the euro zone economy is bottoming

5 Dec 2012 by Jim Fickett.

It is too soon to call a change in trend, but there are a few interesting hints that economic growth in Europe might not be too far off.

The Financial Times comments on an improving PMI:

The pace of contraction in the eurozone economy slowed unexpectedly in November, raising hopes that the downturn affecting the 17-country bloc may be bottoming out.

The Markit purchasing managers’ compsite index , a survey of business activity in the manufacturing and services sectors across Europe, rose to 46.5 last month, up from 45.7 in October – and significantly higher than an earlier “flash” estimate for the month. …

Germany’s composite PMI figure rose to 49.2 in November from 47.7 in October, reflecting slower declines in both manufacturing and services output. Meanwhile, Ireland’s services PMI remained stable at 56.1, as new orders kept growing last month.

Although credit is still tight, Michael Biggs, originator of the credit impulse concept, says in an email,

In the euro area we expect the pace of deleveraging to slow, the credit impulse to rebound, and demand to surprise positively in H1 2013. We expect the stronger GDP growth to improve the fiscal outlook, and for euro area CDS spreads to tighten.

And the ECB's promise to do whatever it takes has had a very positive effect in the bond markets:

France’s benchmark government borrowing cost dipped to euro-era lows below 2 per cent on Wednesday, despite a recent downgrade of the country’s credit rating and simmering investor concerns over the administration of President François Hollande.

The French 10-year bond yield fell as much as 4 basis points to trade at 1.996 per cent by midday in London, according to Bloomberg, down from 3.24 per cent at the start of the year.

I am not, by any means, calling the bottom. But at this point one should keep an open mind.