While September's bank lending growth data was broadly unchanged from August, the European Central Bank's latest bank lending survey indicates weaker loan demand due to higher interest rates. With the ECB expected to keep interest rates on hold on Thursday, it will be keen to see how lending evolves ahead of its December decision Adjusted lending to eurozone non-financial corporations continued to grow by 4.2% year-on-year in September, while household lending growth held steady at 3.1%, both unchanged from August. This suggests that the recovery in bank lending that developed before the latest shift in the interest rate environment still had considerable momentum going into the autumn. But the backdrop has now become less supportive.
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