Shoppers walk along a shopping street ahead of Christmas amid the spread of the coronavirus disease (COVID-19) in Rome, Italy, November 30, 2020. REUTERS/Guglielmo Mangiapane
ROME, July 27 (Reuters) – Morale amongst Italian businesses and consumers fell in July, a month that marked the return of political instability to Italy with the collapse of Prime Minister Mario Draghi's national unity government, data showed on Wednesday.
National statistics institute ISTAT's manufacturing confidence index dropped to 106.7 in July from a downwardly revised 109.5 in June, lower than a median forecast of 108.0 in a Reuters survey of 10 analysts.
The June figure was previously given as 110.0.
ISTAT's composite business morale index, combining surveys of the manufacturing, retail, construction and services sectors, fell to 110.8 from a previous 113.4, with declines in the manufacturing and services sector outweighing improved sentiment among constructors and retailers.
Consumer confidence this month dropped to 94.8 from 98.3 in June, against a median forecast of 96.6 in the Reuters' poll. It was the lowest reading since May 2020.
Draghi lost power last week after three key coalition partners withdrew their support for his 18-month-old administration. Early elections have been called for September.
The political turmoil has come against a backdrop of challenging economic conditions, with Russia's invasion of Ukraine pushing up energy costs and heightening uncertainty for businesses. read more
European Union energy ministers approved on Tuesday a proposal for all EU countries to voluntarily cut gas use by 15% from August to March with compromise deals to reduce the cuts for some countries, including Italy which agreed to a 7% reduction.
But despite facing many headwinds, the euro zone's third largest economy had appeared to be holding up better than expected a few months ago when some economists were forecasting a recession triggered by surging prices.
Draghi's government revised down in April its 2022 economic growth forecast to 3.1% from a 4.7% projection made last September.
ISTAT gave the following data on the July manufacturing confidence survey:
Overall index 106.7 109.5r 109.0r 109.7r
Orders level -0.3 6.3r 4.5r 5.4r
Inventories 0.9 1.7 0.4 -0.7
Output outlook 5.4 7.7r 6.9r 6.7
— Reporting by Crispian Balmer; Reuters Messaging:
Our Standards: The Thomson Reuters Trust Principles.
The Group of Seven richest economies aim to have a price-capping mechanism on Russian oil exports in place by Dec. 5, when European Union sanctions banning seaborne imports of Russian crude come into force, a senior G7 official said on Wednesday.
Reuters, the news and media division of Thomson Reuters, is the world’s largest multimedia news provider, reaching billions of people worldwide every day. Reuters provides business, financial, national and international news to professionals via desktop terminals, the world's media organizations, industry events and directly to consumers.
Build the strongest argument relying on authoritative content, attorney-editor expertise, and industry defining technology.
The most comprehensive solution to manage all your complex and ever-expanding tax and compliance needs.
The industry leader for online information for tax, accounting and finance professionals.
Access unmatched financial data, news and content in a highly-customised workflow experience on desktop, web and mobile.
Browse an unrivalled portfolio of real-time and historical market data and insights from worldwide sources and experts.
Screen for heightened risk individual and entities globally to help uncover hidden risks in business relationships and human networks.
All quotes delayed a minimum of 15 minutes. See here for a complete list of exchanges and delays.
© 2022 Reuters. All rights reserved


Lascia un commento

Il tuo indirizzo email non sarà pubblicato. I campi obbligatori sono contrassegnati *