Euro Confidence Recovers, Italian Contraction Revised Deeper

Arthi Gupta
10 Sep, 2012
New York City

Investor confidence in the euro area strengthened in September. Greek production fell in July and Italian economy contracted 0.8% in the second quarter.

[R]4:00 PM Frankfurt – Investor confidence in the euro area strengthened in September. Greek production fell in July and Italian economy contracted 0.8% in the second quarter.[/R]

Euro Zone Confidence Recovers

Investor confidence in the euro area strengthened in September, data released by the think-tank Sentix showed today.

The Sentix Index rose to -23.2 in September from -30.3 in August, the lowest level in more than three years.

Greek Production Slumps

Greece''s industrial production dropped 5% on an annual basis in July, from the 0.2% gain in June, data released by the Hellenic Statistics Authority showed.

Annually, mining and quarrying production fell 2.6% while manufacturing production dropped 7.8% in July.

On a monthly basis, industrial production increased 7.9% in July, from the 3.9% rise in June.

Separately, Greece''s consumer price inflation rose to 1.7% in August from 1.3% in July. Food and non-alcoholic beverages prices rose 2.6% annually, while clothing and footwear prices fell 11% in July.

From a month ago, consumer prices dropped 1% in August compared to the 1.4% fall in July.

Swedish Output Falls

Sweden''s industrial production decreased a working-day adjusted 0.4% annually in July, preliminary data released by Statistics Sweden showed today.

From a month ago, production increased a seasonally adjusted 0.3% in July.

Danish Surplus Rises

Denmark''s seasonally adjusted trade surplus rose to DKK8.2 billion in July from DKK7.4 billion in June, data released by the National Statistics Office showed.

Exports, excluding ships and aircraft, increased a seasonally adjusted 0.7% in July. Imports fell 1.1% from a month ago in July.

Separately, Denmark''s current account surplus decreased to DKK13.4 billion in July from DKK15.6 billion in June.

In another report, Denmark''s consumer price index increased 2.6% on an annual basis in August, from the 2.3% rise in July, data released by the National Statistics Office showed.

Consumer prices rose 0.3% in August compared to July, the agency said.

Portuguese Deficit Narrows

Portugal''s trade deficit narrowed to €1.99 billion during the three months to July from €3.88 billion recorded during the period a year ago, Statistics Portugal said today.

Exports grew 8.3% from a year ago, while imports fell 6.5% during May to July.

Italian Economy Contracts

Italy''s economy contracted 0.8% in the second quarter, from the flash estimate of a 0.7% fall, final data from Istat showed today.

On a yearly basis, gross domestic product dropped 2.6% compared to the flash estimate of 2.5% drop.