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BNB Business Confidence adds to Eurozone Woes

BELGIUM
MNI (London)

BELGIUM SEP BNB BUSINESS CONFIDENCE -11.8 (FCST -8.6); AUG -5.8

  • Belgian business sentiment worsened for the fifth consecutive month in September, sliding six points (vs expected decline of -2.8 points).
  • This follows Germany's ifo index this morning, which fell to May 2020 levels.
  • At -11.8, the index stands at a November 2020 low on the back of manufacturing, retail and services confidence worsening, driven by a fall in demand alongside employment prospects. Gas supply uncertainty and eurozone inflation expected at 9.7% in September underpin pessimistic growth outlooks.
  • Italian and French sentiment is due on Wednesday and are anticipated to add to the worsening euro area outlooks. This adds to the possibility of eurozone Q3 growth coming in weaker than the ECB's September projection of +0.1% q/q.

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BELGIUM SEP BNB BUSINESS CONFIDENCE -11.8 (FCST -8.6); AUG -5.8

  • Belgian business sentiment worsened for the fifth consecutive month in September, sliding six points (vs expected decline of -2.8 points).
  • This follows Germany's ifo index this morning, which fell to May 2020 levels.
  • At -11.8, the index stands at a November 2020 low on the back of manufacturing, retail and services confidence worsening, driven by a fall in demand alongside employment prospects. Gas supply uncertainty and eurozone inflation expected at 9.7% in September underpin pessimistic growth outlooks.
  • Italian and French sentiment is due on Wednesday and are anticipated to add to the worsening euro area outlooks. This adds to the possibility of eurozone Q3 growth coming in weaker than the ECB's September projection of +0.1% q/q.

Keep reading...Show less