US and UK confirm second quarter growth

A report on Thursday confirmed that the US economy grew at a 2.5 percent annualised rate in the second quarter.

Less positively, there was also confirmation on Thursday that the recovery in the US housing market has lost momentum. Pending home sales fell 1.6 percent in August after having fallen 1.4 percent in July.

In the UK, a report on Thursday confirmed that the economy grew 0.7 percent in the second quarter, the fastest pace in three years.

Third quarter data have mostly also been positive. A report from the Confederation of British Industry on Wednesday showed that retail sales grew at the fastest annual pace since June 2012 while a report on Thursday showed that the GfK consumer confidence index rose three points to -10 in September, the highest since November 2007.

However, in a sign that the euro area's recovery remains fragile, a report from the European Central Bank on Thursday showed that loans to the private sector fell 2 percent in August from a year earlier. That was the 16th monthly decline and the biggest since the start of the single currency in 1999.