FRANKFURT, Germany (AP) — The latest on the European economy as the European Central Bank meets to discuss its monetary policy (all times local):

12:05 p.m.

While reports suggested that the eurozone economy regained momentum during August, there were signs that British growth may be easing.

The Chartered Institute for Procurement and Supply said its purchasing managers' index — a broad gauge of business activity — fell to a two-year low of 55.1 points in August from 56.6 the previous month. Though anything above 50 indicates expansion, the survey adds to evidence suggesting the British economy is coming off the boil.

The U.K., which is not part of the euro, has been one of the standout performers in Europe over the past year and there are growing expectations that the Bank of England could soon raise interest rates — a stance that contrasts with that of the European Central Bank, which sets policy for the 19 countries that share the euro.

11:15 a.m.

Retail sales across the 19-country eurozone rose by a solid 0.4 percent in July from the month before.

The increase reported by the European Union's statistics agency, Eurostat, was more or less in line with market expectations and more than made up for the 0.2 percent decline recorded in June.

The July figures also provide further evidence that the eurozone economy held up during a month when fears of a Greek exit from the euro were at their most acute.

Consumer confidence appeared to be particularly buoyant in Germany, Europe's biggest economy, where retail sales spiked by 1.4 percent during the month. There were no figures available for Greece, which has been struggling with strict controls on money flows, such as limits on daily withdrawals at ATMs, since the end of June.

11:00 a.m.

European stocks are up as investors expect European Central Bank President Mario Draghi to indicate later that the bank stands ready to provide the eurozone economy with more stimulus if inflation doesn't pick up.

With oil prices at multiyear lows, the ECB is expected to reduce inflation forecasts. Though the eurozone's annual inflation rate has edged back above zero in recent months, some analysts say it could fall again.

Lower prices can weigh on economic activity if individuals or firms delay spending in anticipation of better deals down the line.

The Stoxx 50 index of leading European shares was up 1.5 percent, while the euro was steady at $1.1230.

Lee Hardman, an analyst at Bank of Tokyo-Mitsubishi UFJ, thinks the bank "is likely to display a more dovish policy tone signaling that downside risks to price stability have increased and reiterating that they stand ready to act if required."

10:25 a.m.

Waning concerns over a Greek exit from the euro appear to be shoring up the economic recovery across the 19-country eurozone despite renewed uncertainty over the global economy, according to a closely-watched survey.

Financial information company Markit says its monthly composite purchasing managers' index — a gauge of economic activity — rose to a four-year high of 54.3 points in August from 53.9 the previous month. The increase was also larger than the initial estimate for a more modest rise to 54.1. Anything above 50 indicates expansion.

Chris Williamson, Markit's chief economist, said the calming of so-called Grexit fears "has led to an improvement in the business environment across the eurozone."

Williamson said the indicator suggests that the eurozone is growing at a quarterly tick of 0.4 percent in the third quarter.