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Peter Vanden Houte, Chief Economist at ING, notes that the annual M3 growth in the eurozone increased to 3.9% in October from 3.6% in September.

Key Quotes

“Adjusted loans to households expanded by 3.2% in October, unchanged from the previous month, while the growth pace of loans to non-financial corporations slowed to 3.9% in October from 4.3% in September. Credit growth seems to be at cruising speed, but nothing more than that.”

“The annual growth rate of the narrower aggregate M1, stood at 6.8% in October, unchanged from the previous month. Real M1 growth, a good leading indicator of economic activity, has now been on a downward path since July 2015. This is compatible with a further slowdown in growth momentum in 2019.”