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Eurozone economic sentiment unexpectedly improves in August

Economic sentiment in the eurozone unexpectedly improved in August, buoyed by stronger confidence in industry and retail trade, according to the European Commission's monthly business and consumer survey.

The economic sentiment indicator improved to 103.1 in August from 102.7 in July. The consensus estimate of economists polled by Econoday was for a reading of 102.5.

The increase was driven by a 1.4-point rise in the indicator for industry confidence. Retail trade sentiment also improved as the corresponding indicator gained 1.2 points.

The indicators for services and construction confidence weakened.

Consumer confidence remained in negative territory, worsening to minus 7.1 from minus 6.6.