Euro area not hurt by Brexit

The eurozone economy has remained surprising resilient to the shock of Britain’s vote to leave the EU, fresh data showed yesterday, in contrast to the UK where signs of widespread economic pain are already apparent.

Eurozone economic sentiment improved this month, defying expectations for a decline, and German unemployment fell more than anticipated, supporting views the bloc has so far shrugged off the impact of Brexit.

Still, Europe is unlikely to escape unscathed, economists argue. Export, investment and sentiment are likely to take at least a moderate hit in coming months as firms come to grip with the reality that Brexit in one form or another is irreversible.