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

MNI: EUROZONE DATA: Economic Sentiment Indicator (Jul 2019) 

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- Economic Sentiment Indicator (ESI): 102.7; Prev (Jun): 103.3

- Consumer: -6.6 (Jun: -7.2); Industry: -7.4 (Jun: -5.6); Services: 10.6 (Jun:

11.0); Retail: -0.7 (Jun: 0.1); Construction: 5.0 (Jun: 7.6)

- The ESI fell by less than expected, but the details make for grim reading

- Indeed, bar a rise in consumer confidence (which failed to completely reverse

Jun's decline), sentiment declined across all sectors

- While remaining far above the low registered during the global financial

crisis (-37.7), industrial confidence nonetheless slumped to a 71-month low

- Meanwhile, the domestically-oriented services sector is showing increasing

signs of contagion, with sentiment slumping to its lowest level since Sep 16

- The ESI confirms the weak picture painted by other recent surveys (PMIs, Ifo),

which suggest that the EZ is headed for another qrtr of sub-par growth in Q3... 

- ... with the economy unlikely to pick up pace from the 0.2% projected Q2

expansion (data out tomorrow)