European momentum

The euro area grew at a faster pace than initially reported, with data published by Eurostat showing a 0.4 percent expansion in the second quarter, up from the previous estimate of 0.3 percent. Growth in Germany was 0.5 percent in the three months through June with the solid momentum driven by domestic consumption and investment. Labor data for the U.K. showed unemployment falling to 4 percent, a new 43-year low, while the pace of wage growth eased.