• Prior 101.2. revised to 101.4
  • Business climate 0.07 vs 0.22 exp. Prior 0.16. Revised to 0.12
  • Industrial sentiment -4.7 vs -4.5 exp. Prior -5.0. Revised to -4.8
  • Services sent 4.5 vs 5.3 exp. Prior 4.8
  • Consumer confidence final -6.7 unch. Prior -8.5
  • Consumer inflation expectations -2.3 vs -3.6 prior
  • Selling price expectations -5.5 vs -5.7 prior revised to -5.9

A small rise in the headline number and although the underlying sectors have all dropped, the biggest news, and one the ECB will be looking at, is the inflation expectations which jumped from -3.6 to -2.3. Inflation expectations being anchored is the ECB mandate and this is a bullish signal for that