Resume af teksten:
De nyeste banklånedata viser, at årlige vækstrater for lån til husholdninger og ikke-finansielle virksomheder steg i august. Justerede lån til husholdninger steg med 2,5% år-til-år, op fra 2,4% i juli. Lån til ikke-finansielle virksomheder steg med 3%, op fra 2,8% i juli. Dette indikerer, at pengetilførsel fortsat giver moderat støtte til økonomien, selvom væksten ikke er ekstreme. På trods af global usikkerhed viser data, at pengepolitikkens transmission fungerer effektivt, og investeringerne ser ikke ud til at bremse så meget som frygtet. I eurozonen er den brede pengemængde (M3) væksten aftaget på grund af en lavere handelsoverskud, mens den smalle definition af penge (M1) forbliver stabil med en årlig vækst på 5%.
Fra ING:
Annual growth rates of lending to households and non-financial corporates ticked up in August, which indicates that the economy continues to experience moderate support
What today’s bank lending data indicates is that the transmission of monetary policy seems to be working pretty well despite all the global uncertainty. Worries about faltering investment – driven by businesses seeking more clarity on the economic outlook – seem to be overstated looking at today’s numbers. Borrowing continues at a decent enough pace to expect economic growth to continue to be supported, albeit at a moderate pace.
Bank lending growth continues on its upward trend, according to the most recent figures. Adjusted loans to households increased by 2.5% year-on-year in August, up from 2.4% in July. Loans to non-financial corporates increased by 3% year-on-year, up from 2.8% in July.
Money growth in the eurozone was previously supported by strong increases in net external assets, but in recent months this has slowed. This is in part because of a lower trade surplus. While the narrow definition of money (M1) shows stable growth at 5% year-on-year, the broader definition (M3) is showing slowing annual growth.
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