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EC Economic Sentiment Ticks Up as Price Expectations Ease

EUROZONE DATA
MNI (London)

EUROZONE NOV ECO CONFIDENCE 93.7 (FCST 93.2); OCT 92.7r

  • Eurozone economic sentiment improved by one point to 93.7, with employment expectations rising by two points to 107.4 in November. More optimistic expectations and outlooks are driving the improvements.
  • In November, the 3.6-point uptick in consumer confidence largely drove the higher headline index.
  • Buoyant consumer spending despite high inflationary pressures has underpinned a marginal uptick in services confidence ahead of the holiday season appearing less likely to be affected by a Covid outbreak.
  • Yet industrial confidence weakened for the ninth month running, mirroring evidence in PMI data of falling new orders.
  • The EC report found selling price expectations eased broadly across industries and consumer expectations. This, alongside lower Spanish CPI and (anticipated) lower German CPI in today's data will be a confidence boost for the ECB that headline inflation at least is likely changing course.

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EUROZONE NOV ECO CONFIDENCE 93.7 (FCST 93.2); OCT 92.7r

  • Eurozone economic sentiment improved by one point to 93.7, with employment expectations rising by two points to 107.4 in November. More optimistic expectations and outlooks are driving the improvements.
  • In November, the 3.6-point uptick in consumer confidence largely drove the higher headline index.
  • Buoyant consumer spending despite high inflationary pressures has underpinned a marginal uptick in services confidence ahead of the holiday season appearing less likely to be affected by a Covid outbreak.
  • Yet industrial confidence weakened for the ninth month running, mirroring evidence in PMI data of falling new orders.
  • The EC report found selling price expectations eased broadly across industries and consumer expectations. This, alongside lower Spanish CPI and (anticipated) lower German CPI in today's data will be a confidence boost for the ECB that headline inflation at least is likely changing course.