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Financial News: Eurozone Economic Confidence Weakens In March

Eurozone Economic Confidence Weakens In March

03/27/2018 - 05:34:00 (RTTNews)

(RTTNews) - Eurozone economic confidence deteriorated for the third consecutive month in March, survey data from European Commission showed Tuesday.

The economic confidence index fell more-than-expected to 112.6 in March from 114.2 in February. The expected score was 113.3.

The deterioration of Eurozone sentiment resulted from drops in industry, services and retail trade.

The industrial sentiment index came in at 6.4 versus 8.0 a month ago. This marked decrease resulted from managers' more pessimistic views on all three components, namely, production expectations, the current level of overall order books, and the stocks of finished products.

Similarly, the retail trade sentiment declined to 1.6 from 4.5 a month ago. The strong deterioration largely reflects more negative views on both the past and expected business situation.

The services sentiment index slid to 16.3 from 17.6 in the previous month. The marked decline in services confidence was driven by managers' more pessimistic views on all three components, namely the past business situation, demand expectations and, in particular, past demand.

Confidence among consumers remained unchanged, while it increased among construction managers. The consumer confidence indicator held steady at 0.1 in March.

On the other hand, the construction sentiment index rose to 5.2 from 4.3 in February. Increasing construction confidence was driven by upward revisions of both managers' employment expectations and their assessment of the level of order books.

Another report from EU showed that the business sentiment index fell marginally to 1.34 from 1.48 in February. The expected reading was 1.36.

Managers' appraisals of past production, stocks of finished products, overall order books, and their production expectations worsened markedly. Meanwhile, managers' assessment of export order books deteriorated only slightly.

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