020 7898 0500The markets had expected consumer confidence in the eurozone to fall back a little in June, but not to -0.5. It is the worst reading since October 2017 and is yet another negative surprise. 2018 has been full of disappointments for eurozone economic data and the contrast between last year and this could hardly be more stark.
There are a range of potential problems bubbling under the surface right now, including continued fears over a trade war and the new Italian government. It will be interesting to see future releases which will offer further indications of the state of the eurozone’s economy.
Speaking of which, today we will see how a range of sectors across Germany and the eurozone have fared in June, with the flash readings of the PMI indices. We’ll see manufacturing, services and composite readings, with all expected to drop a little, with the exception of German services PMI which is forecasted to hold steady at 52.1.
