Eurozone August economic confidence 111.9 vs 111.3 expected

Better than expected reading, here's the breakdown

• Prior revised from 111.2 to 111.3
• Industrial confidence 5.1 vs 4.7 expected
• Services confidence 14.9 vs 13.9 expected
• Consumer confidence -1.5 vs -1.5 expected

The economic confidence reading hit the highest level in 10 years.

Diving further into details the economic sentiment for Germany actually fell from 112.5 to 111.9 in August - dragged down mainly by the retail sentiment. According to Ifo, this is due to concern from companies that a strengthening euro would weigh on profit.