Data released today showed that Consumer Confidence in the Eurozone in February rose 0.5 points. Bert Colijn, Senior Economist at ING, points out that after the declines in 2018, consumer confidence has perked up in January and February. They expect March to be a nail-biting month as deadlines (Brexit and trade deals) approach.
Key Quotes:
“Consumer confidence – like the German ZEW Index yesterday indicated some optimism about the state of the economy in February. With uncertainty abound, the European consumer is gaining some confidence as the fundamentals remain strong.”
“As petrol prices have settled at a comfortable level for consumers and the labour market continues to be the bright spot for the Eurozone economy, consumer’s personal financial situation seems to be improving. Of course, concerns about the general economic situation are a key drag on confidence for the moment, and March could prove to be a nail biter in the sense as a series of deadlines around Brexit and trade negotiations. Possible US tariffs on European cars could add to the mix.”
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