|08-28-2014, 03:46 PM||#1|
Euro area economic confidence drops more than forecast in August
Euro area confidence dropped more than forecasts in August amid the ongoing geopolitical tensions in Ukraine and worries of the low inflation in the 18-nation region.
Economic confidence edged up to 100.6 this month from a revised of 102.1, lower than analysts’ forecast of 101.5.
Just one day after Russian and Ukrainian leaders met in Minsk to find a way to ease the ongoing fights, military leaders in Ukraine charged that Russia was deepening its intervention in Ukrainian territory by sending new troops to the southeast border.
The business climate indicator retreated to 0.16 from a prior of 0.17, while consumer confidence steadied at -10.0.
Data released recently showed that German business confidence plunged for a fourth straight month in August to 106.3 from 108.0 recorded in July.
Euro area industrial confidence scored -5.3 from -3.8 and services confidence retreated to 3.1 from 3.6.
PMI composite of manufacturing and services in the 18-nation region fell to 52.8 from July`s 53.8.
Meanwhile, there are concerns that the low inflation may derail recovery, where a report due on Friday may show the rate steadied retreated further in August to 0.3 percent.
ECB President Mario Draghi said the bank was prepared to use any available tool if inflation continued to drift away from target.
Mario Draghi’s comments on possibly easing austerity measures have been “over-interpreted,” German Finance Minister Wolfgang Schaeuble said in an interview published on Tuesday.
As of 09:02 GMT, the euro was little changed versus the dollar to trade around 1.3063 after touching a high of 1.3219.
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