Lending to eurozone companies and households continued to accelerate last month, supporting the arguments from some that the bloc’s economy has bottomed out and a “soft landing” was underway, European Central Bank data showed on Thursday.

Lending growth to businesses picked up to 1.2 per cent in October from 1.1 per cent in September and was at its best level since mid-2023.

Growth in lending to households meanwhile rose to 0.8 per cent from 0.7 per cent a month earlier.

The M3 measure of money supply, sometimes an indicator of future economic growth, expanded by 3.4 per cent, a level last topped in December 2022, and came in line with expectations in a Reuters poll.