Euro-area confidence drops to 3-year low

Bloomberg

Euro-area economic confidence declined more than forecast in June, dropping to its lowest level since 2016 as deepening trade tensions and a more cautious outlook for the global economy weigh on business and consumer sentiment.
The European Commissi-on’s gauge of sentiment fell to 103.3 points, after 105.2 points in May and below the median forecast of 104.8. That was primarily due to a sharp decline in confidence among industry executives, who saw the most significant decrease in about eight years.
It’s the latest sign that the euro zone’s already-battered industrial sector has taken an additional a hit from the trade issues. Managers in industrial sector were more pessimistic on all fronts:
their expectations for production, their level of order books and their stocks of finished products. European Central Bank President Mario Draghi has said he’s poised to act if the region’s economy doesn’t pick up.