29 May 2009

Rise seen in eurozone confidence surveys

11:35 am on 29 May 2009

The eurozone economy is seeing a pick-up in business and consumer confidence.

A survey by the European Commission shows economic sentiment in the 16 nation block rose for the second month in succession, by 2.1 points from April to 69.3 points.

The commission says the rise was due to an improvement in sentiment in the retail sector and by consolidation in the services sector.

Meanwhile, a separate business climate indicator also improved for a second month, rising to - 3.17 points in May from - 3.26 points in April.

However, a markets analyst at BGC Partners, David Buik, says it's best to treat such numbers with caution.