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ISTAT Consumer Confidence Rises In May; Focus On Q1 Details On Friday

ITALY DATA

ISTAT May consumer confidence retraced much of April’s 1.3pp decline to print at 96.4 (vs 96.0 cons, 95.2 April, 96.5 March). This brings the index back to January’s levels.

  • All the sub-components of the consumer confidence index rose in May, with the “general economic climate” component printing at 101.9 (vs 99.4 prior).
  • Q1 consumption data is due on Friday, with focus on whether real consumption registered sequential Q/Q growth or not.
  • The flash GDP release noted that domestic demand was a negative contributor to the 0.3% Q/Q print, and the weak real retail sales prints seen throughout this year suggests consumption may have been a drag. Analyst consensus currently sees Q1 Y/Y consumption at -0.2% Y/Y.
  • Elsewhere, overall economic sentiment fell to 95.1 (vs 95.8 prior), with services sentiment (97.8 vs 99.5 prior) seeing the largest move lower.

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ISTAT May consumer confidence retraced much of April’s 1.3pp decline to print at 96.4 (vs 96.0 cons, 95.2 April, 96.5 March). This brings the index back to January’s levels.

  • All the sub-components of the consumer confidence index rose in May, with the “general economic climate” component printing at 101.9 (vs 99.4 prior).
  • Q1 consumption data is due on Friday, with focus on whether real consumption registered sequential Q/Q growth or not.
  • The flash GDP release noted that domestic demand was a negative contributor to the 0.3% Q/Q print, and the weak real retail sales prints seen throughout this year suggests consumption may have been a drag. Analyst consensus currently sees Q1 Y/Y consumption at -0.2% Y/Y.
  • Elsewhere, overall economic sentiment fell to 95.1 (vs 95.8 prior), with services sentiment (97.8 vs 99.5 prior) seeing the largest move lower.