Euro-Area Economy Grew More Than Estimated in Second Quarter

Europe's gross domestic product rose 0.4 percent during second quarter, beating estimates of 0.3 percent. 'If you dig beneath the surface, it's clear the consumer is in control at the moment,' said Michael Ingram, a market analyst with BGC Partners, based in London. 'Both household and government consumption were better than expected, although we did see a slump in investment during the quarter, which is worrying the European Central Bank.' Last week, the ECB lowered its growth forecasts for 2015 to 1.4 percent from 1.5 percent. 'Any slowdown [in Europe] is likely to be relatively modest,' Ingram added. In an effort to prop up Europe's economy the ECB initiated a $1.2 trillion stimulus program earlier this year that's expected to run through September 2016. ECB president Mario Draghi reiterated the flexibility of the program in a press conference last week. Analysts expect the stimulus to run past next September. TheStreet's Scott Gamm reports from New York.