Investing.com - The euro zone’s economy failed to grow in the second quarter, underlining concerns over the region’s economic outlook, official preliminary data showed on Thursday.
In a report, Eurostat said that the euro zone’s gross domestic product was flat in the three months to June, below expectations for growth of 0.1%. The euro zone’s economy grew 0.2% in the preceding quarter.
Year-on-year, euro zone GDP increased at an annualized pace of 0.7% compared to a year earlier, in line with expectations and after expanding at a rate of 0.9% in the first quarter.
Following the release of the data, the euro turned higher against the U.S. dollar, with EUR/USD rising 0.04% to trade at 1.3369, compared to 1.3359 ahead of the data.
Meanwhile, European stock markets remained mixed. The DJ Euro Stoxx 50 declined 0.7%, France’s CAC 40 dipped 0.45%, London’s FTSE 100 inched up 0.15%, while Germany's DAX slumped 0.4%.