Eurozone Economic Sentiment Weakens To 4-Month Low

RTTNews | 3 jam 26 menit yang lalu

(RTTNews) - Eurozone economic confidence deteriorated to a four-month low in October as sentiment weakened across most sectors, monthly survey data from the European Commission revealed Thursday.

The economic confidence index dropped to 96.9 in October from revised 97.5 in the previous month.

This was the lowest score since June. Economists had forecast the indicator to fall to 97.5 from September's originally estimated 97.9.

By contrast, the employment expectations indicator improved by 0.7 points to 98.2 in October.

The survey showed that industrial confidence strengthened in October with the index rising to -3.4 from -3.9 in September. The reading was also better than forecast of -3.8.

Meanwhile, the services confidence index declined to 5.3, while it was forecast to remain unchanged at 5.9.

Consumer confidence weakened for the second month in a row. The index came in at -17.9 compared to -16.8 a month ago. The reading matched the flash estimate. At the same time, the retail trade confidence indicator dropped markedly to -8.0 from -6.5 mainly reflecting retailers' more negative assessment of the past business situation.

Construction confidence also weakened as the index posted -5.9, down from -5.3 in September. Further, the survey showed that managers' selling price expectations increased considerably in all four business sectors.

The European Central Bank is set to announce its monetary policy decision at 9.15 am ET. The bank is widely expected to hold its key policy rates.

"There isn't any immediate need to hike, of course, but the ECB will remain on high alert to see to what degree second-round effects will ultimately materialize," ING economist Bert Colijn said.

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