An economic-sentiment index published this week by ZEW, a think-tank, was buoyant, but expectations for six months 'time are sagging.

Consumer and business confidence rose in the euro area in September, with Germany leading the economic-sentiment indicator for the 16-member currency union close to a three-year high.

In the U.S., consumer confidence fell to its lowest level in 16 months, while the European Union's index of economic sentiment saw a sixth consecutive decline.