Consumer confidence in Europe fell to a five-year low in November due to fears about rising joblessness and financial security A European Commission survey said confidence among eurozone consumers dropped to minus 14 in November from minus 12 in October. The decline was led by a six point drop in Germany, while Ireland saw a four point decline "The expected developments of the general economic situation and financial situation of households deteriorated," the Commission said. "Moreover, expectations about unemployment over next 12 months increased in both the EU and the euro area."
The decline in confidence came as growth continues to slow in the eurozone's two largest economies. In the third quarter, Germany expanded by just 0.3pc, while French GDP slowed to 0.2pc, down from 0.4pc in the previous quarter. The European Central Bank has left its key lending rate unchanged at 3.25pc for the past 12 months, but is expected to provide a boost to confidence next week with a rate reduction of as much as 50 basis points//www.fxcentre.com