Confidence in Europe up at 12-month high

Written by Bloomberg | Updated: Oct 1 2009, 05:26am hrs
European confidence in the economic outlook increased to the highest in 12 months in September as the economy showed signs of rebounding from the worst recession in more than six decades.

An index of executive and consumer sentiment in the 16- nation euro region rose to 82.8, the highest since September 2008, from 80.8 in August, the European Commission in Brussels said on Tuesday. That was the sixth straight monthly gain. Economists had projected an increase to 82.7, a survey showed.

European firms, including Germanys ThyssenKrupp AG and Paris-based LOreal SA, have beaten earnings estimates, suggesting government stimulus programs are feeding into the economy. Manufacturing and service industries expanded for a second month and German business confidence is up at a 12-month high.