According to the business and consumer survey of the European Commission, the economic sentiment indicator (ESI) in the euro area decreased marginally to 103.5 points in June from 103.8 points in May. The service confidence indicator in June coincided with the revised score in May thus staying flat at -7.9 points. The actual figure came in at 0.1 points lower than the consensus. Besides, the industrial confidence indicator based on the poll of European manufactures dropped to -3.4 points in June from -3 in May, though analysts did not expect any changes. Consumer confidence remained stable at -5.6 points in line with the expectations. The final index confirmed the flash estimate.
Last weekend, Greece’s Prime minister interrupted the debt talks with the creditors by calling for the referendum on austerity reforms. Ahead of the bailout referendum, Asia’s stock markets are tumbling. US stock market index futures also have taken a nosedive. For example, Standard & Poor’s 500 futures fell 1.3%.
Greece and its creditors have failed to reach a compromise so far. As a result, the European markets sank early Monday.