Euro zone economic confidence declined more than forecast in April, showing signs of deepening further. The European Commission said the Index of Consumer sentiment in the euro area fell to 92.8 from 94.5 in March. Forecast was for a drop to 94.2.
The Euro zone’s manufacturing industry declined for a ninth month in April, unemployment rose to 10.8% in February and industrial orders declined too.Germany’s largest bank, Deutsche Bank reported a 33% drop in the first-quarter profits. Spanish bank, Santander said first quarter net profit dropped 24%. Barclays beat analysts’ forecasts with a 22% rise in the first-quarter profit to 2.45 billion pounds. Losses on bad debts dipped 16% from a year ago.
An index of manufacturers’ sentiment dropped to -9 from -7.1 in March. Services confidence index dipped to -2.4 from -0.3, and a gauge of consumer sentiment slumped to -19.9 from -19.1.
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