Yesterday was a choppy day for the euro after both German and Eurozone economic sentiment figures came in well below already-negative expectations. For Germany, figures fell to -44.1, almost 20 points below last month and hitting their lowest level since 2011. The wider eurozone saw a month-on-month drop of 23 points, to -43.6.
In Germany, this is the fourth month a drop has been registered, amid a climate of a global economic slowdown, poor manufacturing performance in Germany itself and concerns around future ECB stimulus policies.
Italy’s Senate has postponed Matteo Salvini’s proposed no-confidence vote in Prime Minister Giuseppe Conte until the President, Sergio Mattarella, returns from Sardinia and faces parliament on 20th August. Depending on the result, if there is a general election, it will be a tight timescale, with the President insisting the budget must pass by autumn.
