reportonbusiness.com: Economy

Posted AT 6:47 AM EST on 30/07/08

Euro zone business morale sinks in July

MARCIN GRAJEWSKI

Reuters

BRUSSELS — Economic sentiment in the euro zone skidded much more than expected in July to its lowest in over 5 years, data showed on Wednesday, pointing to a stagnant economy and boosting expectations that interest rates will be kept on hold this year. The European Commission said its economic sentiment indicator fell to 89.5 points, its lowest since March 2003, from a downwardly revised 94.8 in June.

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