The Germans are shopping till they drop, Italians are crowding out the piazzas and even the French are feeling chipper as business confidence improves. Only the Swedes' glasses are half empty it seems. So what's going right? Jinny Yan, Economist at Standard Chartered says all we are seeing is stabilization with people being prepared to spend money and that we shouldn't get too carried away.

SHOWS: LONDON, ENGLAND, UK (REUTERS - ACCESS ALL) (SEPTEMBER 25, 2013)

1. STANDARD CHARTERED, ECONOMIST, JINNY YAN, SAYING:

JOURNALIST ASKING JINNY YAN: 'Are we getting ahead of ourselves in thinking this is the start of something bigger, some momentum here?'

JINNY YAN: 'Well there's certainly some stabilization but you have to be very careful because at the moment what we're seeing here is that of course with inflation benign, the economic outlook on the rise and also the uncertainties in the global economy as well as the Euro area region is stabilizing. We're not seeing anything different really here but just really some stabilization in terms of people's willingness to spend first of all and also making some decisions in terms of maybe perhaps their personal investments.'

JOURNALIST: 'So you mean we're coming from a very low base, let's not get too excited.'

JINNY YAN: 'Absolutely. And also let's not get too excited because it's not the same picture across the Euro area. Some economies still seeing a loss in confidence on a month-on-month basis. So until we see a more stabilization in terms of the underlying fundamental economic backdrop, we're not going to see continuing rise in the overall confidence. Currently we're seeing marginal stabilization in the confidence indices.'

JOURNALIST: 'How do you reconcile these slightly more or I would say these bullish sentiment indicators and let's throw in some of the others as well with the dovishness of central banks right now?'

JINNY YAN: 'Well it does look like that the central banks are really sitting on their hands because number one, we're also watching what the Fed is doing at the moment. I think that's the key uncertainty at the moment for central bankers and for the global economy really to see when they're going to start to taper. So this is why I think what explains this kind of disconnect, if you like. But overall the fundamental factors do suggest that the recession is over, that we're going to see activity picking up, seems to be in place.'

JOURNALIST: 'What are you saying now on growth in the euro zone?'

JINNY YAN: 'In terms of euro zone, we still think that towards the end of this year, we're going to continually see a pickup in activity and this will lay the path in terms of a full speed recovery, hopefully next year. But obviously as I said with the labor market looking still very much uncertain, the lack of rising wages will keep the consumers feeling a little bit uncertain. So we're not going to see any spectacular recovery in terms of economic recovery in the Euro area. But we're certainly going to see continued stabilization and sentiment and as well as investment activity picking up in both business terms and also personal levels as well.

JOURNALIST: 'Yeah, and I want to come to manufacturing confidence as well. I mean looking at the Swedish numbers now, I mean these look pretty bad in September, manufacturing confidence down sharply. And that doesn't seem to sit well or right with the PMIs that we got out of Sweden. What's the picture there? What's the story there?'

JINNY YAN: 'Well actually across the Euro area, what we saw this month in the flash PMIs was actually the services sector doing better than manufacturing sector. So what this confirms is that the underlying demand across the Euro area as well as globally still seems very fragile. But the services sector is picking up which is a good sign for particularly those which are dependent on service sectors. So also good for the UK, for example. But if we don't see a pickup in the manufacturing sector, economies such as Germany, etcetera, will perhaps see a little bit of a weakness in terms of Q3 GDP or certainly for the rest of the year as well.'