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Rebound in Consumer Sentiment Boosted by Future Expectations

ITALY DATA
MNI (London)

ITALY NOV CONSUMER CONFIDENCE 98.1 (FCST 91); OCT 90.1

ITALY NOV MANUFACTURING CONFIDENCE 102.5 (FCST 99.5); OCT 100.7r

  • Italian consumer confidence rebounded by 8 points to 98.1, boosted by markedly improved economic expectations. Perceptions of the current climate also improved.
  • The upside surprise lifted consumer sentiment to the highest since June, beating consensus expectations of a one-point improvement and outpacing modest upticks seen in this morning's German and French data.
  • Both manufacturing, services, retail and the general business climate sentiment indicators saw around 2-point improvements, as future expectations outpaced downwards pressure from falling order books.
  • Continued improvement across euro area consumer sentiment levels will be closely watched by the ECB. Whether this translates into imrpoved consumer spending and a boost to GDP, even further inflationary pressures, will be closely watched in the Q4 and Q1 2023 data.

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