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Financial News: Eurozone Economic Confidence Lowest Since Early 2016

Eurozone Economic Confidence Lowest Since Early 2016

07/30/2019 - 05:30:00 (RTTNews)

(RTTNews) - Eurozone economic confidence weakened to the lowest since March 2016, survey results from European Commission showed Tuesday.

The economic confidence index fell to 102.7 in July from 103.3 in June. This was the lowest since March 2016, when the reading was 102.3.

The decline reflected weakness across industry, services, retail trade and construction.

The industrial sentiment indicator declined further in July, to -7.4 from -5.6 a month ago. Economists had forecast the score to drop moderately to -6.7.

The services confidence index came in at 10.6, down from 11 in June and also below the forecast of 10.7.

Meanwhile, the consumer sentiment indicator climbed in July, as initially estimated, to -6.6 from -7.2 in the previous month.

Confidence in retail trade re-entered negative zone, with the indicator falling to -0.7 from +0.1 in June. At the same time, the construction sentiment index decreased to 5.0 in July from 7.6 a month ago.

Another survey from EU showed that business confidence weakened in July. The business climate indicator fell markedly by 0.29 points to -0.12.

Managers' assessments of past production, their production expectations, as well as their views on overall and export order books deteriorated. Only their assessment of the level of stocks improved.

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