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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EUROZONE
This morning's EU Confidence survey received minimal attention as it was released alongside the Dec Eurozone CPI estimate, but it is the latest in a series of "soft" data to suggest that the EU economy bottomed out early in the 4th quarter.
- Overall econ sentiment beat expectations at 95.8 vs 94.7 expected, with both industrial and services confidence improving vs prior, with higher revisions to Nov.
- Alongside PMIs and German IFO among others, these data hit recent bottoms in Oct albeit in territory that implies economic contraction.
- There are many reasons for the improvement. The main one is that expectations had probably gotten too negative, with confidence battered by continued war in Ukraine and expectations of a challenging winter energy-wise.
- Indeed, for businesses, the EC's Economic Uncertainty Indicator has been moderating from post-2020 highs.
- And while consumer confidence is still well below the long-run average, with uncertainty picking up, it is off the recent lows, with employment expectations improving and not deteriorating.
Source: EC, IFO,
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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