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Consumer Confidence Edges Down, Adds to Plateauing EZ Sentiment

ITALY DATA
MNI (London)
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A slip in future economic climate and personal finances saw Italian consumer confidence dip 0.4 points to 105.1 in May, largely as expected.

  • Consumer confidence in the bloc failed to see substantial improvement in May. French sentiment held steady (and remained very downtrodden), German improved slightly and the eurozone flash confidence inched up by a marginal 0.1 point.
  • The eurozone indicator remains around five points below the historical average, signalling continued pessimism despite the May flash print being the least-negative reading since February 2022 (pre-Russia-Ukraine war).
  • Details in the French and German releases gave evidence for further cooling in inflation expectations in the euro area, a positive signal for the ECB as they continue to grapple with sticky core inflation.
  • Next week's flash May HICP print should see inflation moderate further, with consensus pencilling in a 0.7pp deceleration to +6.3% y/y. Core CPI is seen inching down 0.1pp to +5.5% y/y largely on the back of softer goods prices.

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A slip in future economic climate and personal finances saw Italian consumer confidence dip 0.4 points to 105.1 in May, largely as expected.

  • Consumer confidence in the bloc failed to see substantial improvement in May. French sentiment held steady (and remained very downtrodden), German improved slightly and the eurozone flash confidence inched up by a marginal 0.1 point.
  • The eurozone indicator remains around five points below the historical average, signalling continued pessimism despite the May flash print being the least-negative reading since February 2022 (pre-Russia-Ukraine war).
  • Details in the French and German releases gave evidence for further cooling in inflation expectations in the euro area, a positive signal for the ECB as they continue to grapple with sticky core inflation.
  • Next week's flash May HICP print should see inflation moderate further, with consensus pencilling in a 0.7pp deceleration to +6.3% y/y. Core CPI is seen inching down 0.1pp to +5.5% y/y largely on the back of softer goods prices.