Sumary of European Equities: Private Sector PMIs for July in the Spotlight:
- A busier economic calendar and the ECB monetary policy decision and press conference were key drivers on the day.
- In June, the Eurozone’s Consumer Confidence Index took an unexpected fall from -3.3 to -4.4. Economists had forecast an increase to -2.6. While the stats were of influence, the ECB monetary policy decision and the press conference were the key drivers.
- In line with market expectations, the ECB left monetary policy unchanged.
- “Our rate policy would be lifted only if the evidence is sufficiently clear, sufficiently persistent, sufficiently lasting and we have the degree of confidence that our inflation will reach 2% on a durable basis.