Monday 23 August 2010

European Consumer Confidence - Better Than Expected

Eurozone consumer confidence was released a few minutes ago at 15:03 GMT. The reading released showed that consumer confidence was better than expected, registering a figure of -12 compared with the -13 expected. This is the third month in a row that the index has beaten expectations. The index has risen for the past four months after it seemed to stall in the period between January and May. The index reading of -12 today has put European consumer confidence back at the same level it was at in 2005.

Eurozone consumer confidence is improving and this comes as the major economies of Germany and France continues to show strong economic figures. France earlier today reported a better than expected Manufacturing PMI, while Germany reported better than expected Services PMI. This does suggest that the European economic recovery is continuing, but tomorrow mornings German GDP figure will have a large story to tell.

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