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Financial News: Eurozone Investor Confidence Highest Since Early 2022

Eurozone Investor Confidence Highest Since Early 2022

06/10/2024 - 07:43:00 (RTTNews)

(RTTNews) - Euro area investor sentiment continued its recovery trend in June to hit the highest since early 2022 but the momentum remained weak as the economy still struggle to reach the level that prevailed before the outbreak of the war in Ukraine.

The economic confidence index rose to +0.3 in June from -3.6 in May. The reading was forecast to remain negative in June, at -1.5.

The score is no longer negative for the first time since February 2022. The reading turned positive after a series of eight consecutive improvements.

The think tank said although the recovery continues, the upswing lacks momentum. Moreover, the reading suggests that the European economy is trying hard to crawl back to the level that prevailed before the outbreak of the war in Ukraine.

Despite the increase, the situation values remained in the negative zone. The current situation index advanced to a 13-month high of -9.0 from -14.3 in May.

The -9 points highlights the statement that the recovery is only proceeding with difficulty and is taking a long time to make progress in triple steps.

Meanwhile, the expectations component gained 2.2 points to +10.0 in June. This was the highest score since February 2022.

Sentix said the expectations value provides some encouragement that the trend may continue in the coming weeks.

The survey showed that the stabilization of the German economy is only making moderate progress.

The economic situation index improved to -12.5 in June from -17.5 in May. The indicator advanced for the third straight month to reach the highest level since April 2023.

At -26.3, the current situation indicator climbed from -33.5 in May. At the same time, the expectations index rose to 2.3 from zero.

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