German Gfk Consumer Confidence for September was unchanged at 9.7, slightly above expectation of 9.6. The underlying picture was mixed though, with increase in propensity to buy, slight deterioration in income expectation. By contrast, the economic outlook suffered a significant decline.
Economic indicator dropped -8.3 pts to -12.0, hitting the lowest level in more than six years since January 2013. Gfk noted: “The global economic downturn, trade wars and the ongoing discussions surrounding Brexit are all putting increasing pressure on the economic outlook of consumers.”
