Eurozone economic sentiment rose for the fourth consecutive month as factory orders increased, according to data for the month of February published this morning by the European Commission (EC).

With the single exception of consumer confidence, which settled 'in-line' with expectations, all of the confidence gauges published this morning beat consensus estimates.

The EC noted that the improvement in economic sentiment begun in October/November of last year continued, "driven by increases in industry and services" and that consumer confidence also "improved marginally," although "moderate decreases" occurred in retail trade and construction. In the EU, it's worth noting that among the seven largest member States only UK sentiment slipped (-0.5).

Specifically, the economic sentiment barometer rose to 91.1, beating the 89.8 consensus estimate. The prior reading was revised upwards to 89.5 from the previous month´s level of 89.2. The separate business climate gauge improved to -0.73 from January´s -1.09, also ahead of the -1.04 consensus number.

Industrial confidence moved from a revised -13.8 (prev. -13.9) up to -11.2 compared with the -13.2 estimate. Services sentiment improved to -5.4 beating the -8.5 forecast. Worth noting, the prior data was revised to -7.7 from the previous reading of -8.8. Finally, consumer confidence settled in line with consensus at -23.6, up from the prior reading of -23.9.

JM

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