European Investor Confidence Improves
The Eurozone’s Sentix Investor Confidence number for April has just been published at 14.1, narrowly missing consensus estimates of 14.2 but easily improving on last months reading of 13.9.
The Sentix is a useful sentiment figure for the Eurozone, it is both broad and versatile taking into account of the opinions of over 1,600 market participants on 36 separate economic indicators.
This indicator returned to positive territory late last year following almost 24 months of bearish sentiment around the Eurozone economy.
Uncertainty around the global economic recovery and particularly the slow down in China does not appear to be feeding through to investor sentiment on the future fortunes of Europe. More importantly it is providing a vote of confidence in the stewardship of the European Central Bank.
There are many reasons why investors in Europe should be concerned at the present state of the recovery, the lack of price growth being an obvious one, although the general lack of growth combined with the unemployment situation also contributes to a negative landscape.
A troublingly high Euro would have provided the backdrop to this survey, and the down tick in inflation would also have been very recent. Additionally, it is unlikely that the ECB announcement of it’s willingness to engage in quantitative easing, or a form therof, would have been accounted for in this months numbers.
When the reversal in the Euro appreciation of the last week is accounted for and coupled with the willingness of the ECB to engage in ‘unconventional’ monetary policy methods, this months Sentix Investor Confidence survey makes some reassuring reading. The fact that a pick up in sentiment was detected during one of the more troublesome weeks for European metrics indicates that, despite the hurdles, there is a strong ‘core’ confidence in existence around the Eurozone economy.
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