29.08.201905:28:00UTC+00Eurozone Economic Confidence Rises Unexpectedly

Eurozone economic confidence improved unexpectedly in August, survey data from European Commission showed Thursday.

The economic sentiment index rose to 103.1 in August from 102.7 in July, while the reading was forecast to fall to 102.3.

The industrial sentiment index came in at -5.9, up from -7.3 in July and forecast of -7.5. The strong increase in industry confidence partially offset the significant decline observed in July.

The final consumer sentiment indicator climbed to -7.1 from -6.6 in the previous month. The flash score was -7.1. The slight decline reflected the deterioration in households' expectations about the general economic situation.

The strong increase in retail trade confidence was fueled by more optimistic views on the present business situation and the adequacy of the volume of stocks. The index advanced to +0.5 from -0.7 in July.

Meanwhile, the services confidence index dropped to 9.3 from 10.6 a month ago. The expected score was 10.5.

Another report from EU showed that business confidence increased markedly in August. The corresponding index rose to +0.11 from -0.11 in July. The score was forecast to drop to -0.15.