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Summing up, the Euro Area ESI data slightly adjusted in September, while in Portugal slightly improved. Nevertheless, data remains around the moving averages, lacking momentum.        

The European Commission has just released September’s monthly surveys, Euro Area (EA) and countries, namely Portugal.

The main highlights are the following:

1 – September Euro Area Economic Sentiment Indicator (ESI), -50bpMoM to 97.9 (+2.1% YoY) vs. 12MMA (12 month moving average) 96.8 and 3MMA: 97.8;      

2 – Concerning the sub-components, Consumer Confidence slightly adjusted MoM while Industry Confidence slightly improved ;     

3 – The Portuguese ESI slightly improved +40bpMoM to 102.3 (-1.4%YoY), compares with 12MMA: 103.2/3MMA: 102.4;

4 – Regarding the subcomponents in Portugal, Services, and Industry slightly improved; while Consumer Confidence adjusted;

5 – Separately, the Polish ESI was also released, -70bp MoM to 98.50 (-0.4%YoY). It compares with 12MMA: 99.7/3MMA: 99.4.

Our comments: In September, the Euro Area ESI slightly adjusted, while in Portugal, it slightly improved. Figures remain around the moving averages, lacking momentum. Finally, Poland, data slightly below the moving averages, also lacking momentum.  

Source: Bank of Portugal, European Commission, AS Independent Research