Euro zone survey data point to robust first quarter: ECB

FRANKFURT: Economic recovery in the euro zone is gaining ground and some data point to robust momentum in the first quarter despite uncertainty over Brexit, China´s rebalancing and new U.S. policies clouding the outlook, the European Central Bank said on Thursday.

"Incoming data, notably survey results, have increased the Governing Council’s confidence that the ongoing economic expansion will continue to firm and broaden," the ECB said in its regular economic bulletin.

"Surveys point to a robust growth momentum in the first quarter of 2017."Global trade, a key contributor to growth, also seems to be picking up momentum and despite increasingly protectionist rhetoric from Washington world trade is expected to expand broadly in line with global activity, the European Central Bank added.

The United States has recently backed away from a pledge for free and open trade, calling for a review of some trade agreements and proposing in import duty tax, arguing for "fair" trade.

Indeed, the ECB said that uncertainty remains elevated, particularly due to the lack of clarity regarding the new U.S. administration´s "America First" policies and their impact on the rest of the world.