Both business and consumer confidence indices improved in August, suggesting that economic outlook is slightly improving also in Italy.
1) manufacturing confidence index rose from 91.8 to 92.9 - the highest since November '11. Despite remaing at value in line with a contraction of industrial output in the next 2/3 months, it signalled that industrial sector could find a bottom soon;
2) Consumer confidence index rose from 97.4 to 98.9. It is a sign that consumer spending could improve in H2 '13 even if at modest pace due to high unemployment rate.
The two data strengthened the view that - absent other negative shocks - Italian economy could stabilize in Q3 and return to growth in Q4