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MNI: EUROZONE DATA: Economic Sentiment Indicator.....>

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MNI: EUROZONE DATA: Economic Sentiment Indicator (Jul 2019) Preview - 10:00 BST
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- Bloomberg Consensus: 102.6; MNI Median: 102.5; Prev (Jun): 103.3
- In line with other key Eurozone sentiment indicators, markets look for the
European Commission's ESI to decline at the start of Q3...
- ... with the consensus estimate suggesting that the index will settle at its
weakest level since Mar 2016
- While flash consumer confidence (20% of the ESI) recovered some ground in Jul
(+0.6pts to -6.6), it remains well below its peak of -2.8 in Dec 2017
- Meanwhile, industrial confidence (40% of the ESI) looks set to fall further
below Jun's near-six-year-low
- Indeed, the EZ flash Manufac PMI slumped to a 79-month low of 46.4 in Jul
- A crucial development to watch will be the performance of the services
confidence sub-index (30% of the ESI), which retreated to a 5-mth low in Jun ...
- ... a further decline in Jul will stoke concerns that the EZ downturn is
becoming more broad-based (not just concentrated in industry) & persistent

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