Euro zone M3 money supply grows 3.9% in October

The euro zone's M3 money supply grew more-than-expected in October, official data showed on Wednesday.

In a report, the European Central Bank said M3 money supply in the single currency bloc rose at annualized rate of 3.9% in October, above expectations for a 2.8% increase.

M3 money supply in the euro zone rose 2.6% in the preceding month, downwardly revised from a previously reported 2.7% increase.

Loans to private sector declined at a pace of 0.7% annually last month, compared to expectations for a 0.9% drop after falling 0.9% in September.

Following the release of the data, the euro remained lower against the U.S. dollar, with EUR/USD shedding 0.14% to trade at 1.2925.

Meanwhile, European stock markets held on to losses. The EURO STOXX 50 fell 0.55%, France’s CAC 40 declined 0.5%, Germany's DAX slumped 0.2%, while London’s FTSE 100 dipped 0.4%.