Economic Sentiment Indicator (Aug.....>

EUROZONE DATA: Economic Sentiment Indicator (Aug 2019)

-------------------------------------------------------------------------------

- Economic Sentiment Indicator (ESI): 103.1; Prev (Jul): 102.7

- Consumer: -7.1 (Jul: -6.6); Industry: -5.9 (Jul: -7.3); Services: 9.3 (Jul:

10.6); Retail: 0.5 (Jul: -0.7); Construction: 3.7 (Jul: 5.0).

- The ESI gained 0.4 pts, beating market expectations of a marginal decline.

- Industrial sentiment improved by 1.4 pts in August, in contrast to market

expectations for little change.

- In line with the flash result, consumer confidence dropped to -7.1.

- Meanwhile, sentiment deteriorated in the service and construction sector, with

services confidence dipping to 9.3, its lowest since Jun 2015 and construction

falling to a 20-month low.

- The slight pickup of the ESI is in line with the recent PMI figures, showing a

marginal increase in the EZ's composite PMI. However, the EZ's manufacturing PMI

remains in contraction and the Ifo August report paints a downbeat picture for

the month ahead.