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Euro zone sentiment plunges in March as Ukraine war scares consumers -Breaking

by Mike Robinson

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© Reuters. FILE PHOTO – A customer pays for a Euro banknote in Nice (France), April 3, 2019 REUTERS/Eric Gaillard

BRUSSELS (Reuters). – Euro zone data shows that economic sentiment plummeted in March. The Russian invasion of Ukraine caused consumer confidence to plummet and increased inflation expectations.

According to the European Commission, March’s economic sentiment index (for the 19 countries that share the euro) fell from 113.9 in February and was revised downwardly to 108.5. Reuters polled economists expecting a drop to 109.0.

From -8.8 in Feb, consumer confidence plummeted down to -18.7 by March. Industry sentiment fell to 10.4 in March, from 14.1. Retail sector confidence also fell to 0.2, from 5.5 on February.

The only sector that was more positive than the others, however, the data revealed that the reading improved to 14.4 from 12.9.

Manufacturers’ selling price expectations rose to an all-time high of 58.1 points in March, from 49.8 in February. Inflation expectations for consumers rose to their highest point ever, with 59.8 points compared to 37.7 in February.

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