Euro zone consumer confidence index at the lowest since 2009

The European Commission consumer confidence index for the Euro zone fell in July from -19.8 to -21.6, the lowest since 2009. A rebound of the consumer confidence is unlikely until the outlook of the labour market does not improve. The data is line with a further contraction of the Euro zone GDP in Q3 and anticipates the continuation of the downward trend of the PMI indices due for release tomorrow.