21 May 2015
Eurozone consumer sentiment deteriorates further – ING
FXStreet (Barcelona) - Reviewing the Eurozone Consumer Sentiment data, Teunis Brosens of ING, the gains seen in past two months have been erased probably due to rising oil prices and the financial market turmoil.
Key Quotes
“In this afternoon’s instalment of the ongoing run of disappointing Eurozone data, we bring you consumer sentiment. According to a flash estimate of consumer confidence by the European Commission, sentiment fell to -5.5 in May. Gains made in the previous two months have now been erased.”
“The further deterioration in sentiment is probably partly explained by the fact that rising oil prices are felt at the pump: average Euro 95 fuel prices reached €1.49 in May, up 4 cents from April and 17 cents from January lows. Financial market turmoil may also have hurt confidence.”
“But even after this correction, Eurozone consumers remain upbeat, with sentiment still well above its long term average of -12.5. This leaves scope for retail sales to rebound after their disappointing setback in March.”
“Consumer confidence conveys essentially the same message as this morning’s PMI-numbers: sentiment among both businesses and consumers is no longer ecstatic, but still quite good. Barring a Greek accident, the economic outlook for the Eurozone remains brighter than it has ever been in recent years, with scope for further gains in both consumption and business investment.”
Key Quotes
“In this afternoon’s instalment of the ongoing run of disappointing Eurozone data, we bring you consumer sentiment. According to a flash estimate of consumer confidence by the European Commission, sentiment fell to -5.5 in May. Gains made in the previous two months have now been erased.”
“The further deterioration in sentiment is probably partly explained by the fact that rising oil prices are felt at the pump: average Euro 95 fuel prices reached €1.49 in May, up 4 cents from April and 17 cents from January lows. Financial market turmoil may also have hurt confidence.”
“But even after this correction, Eurozone consumers remain upbeat, with sentiment still well above its long term average of -12.5. This leaves scope for retail sales to rebound after their disappointing setback in March.”
“Consumer confidence conveys essentially the same message as this morning’s PMI-numbers: sentiment among both businesses and consumers is no longer ecstatic, but still quite good. Barring a Greek accident, the economic outlook for the Eurozone remains brighter than it has ever been in recent years, with scope for further gains in both consumption and business investment.”