Surging German factory orders just added to the budding European recovery

Europe seems to be experiencing a modest recovery.

German factory orders are just the latest indicator that suggests the eurozone economies are picking up some speed: Orders climbed 4.2% in December from November, and are up 3.4% on December last year. That's the strongest in six months, after a growth scare late in 2014.

Here's how that looks:

It's not alone: Last week saw Spanish retail sales growing at the fastest pace in 11 years and a return to private lending growth for the first time in two and a half years.

This week we've seen European retail sales growing at the fastest pace in eight years and the strongest business surveys in six months.

It's hardly perfect: Europe is still damaged by two lengthy recessions and years of stagnation. But there's now a clear positive trend for the currency union going into 2015, and it's hard to ignore.