Gloomy outlook getting worse as confidence falls

CONFIDENCE data from around Europe will be released over the course of this week, with analysts expecting the worst.

Figures to be announced in the UK include the Confederation for British Industry’s (CBI) distributive trades survey, out tomorrow, which measures short-term trends in UK retail and distribution. Weak or falling sales are expected by economists.

Housing statistics will be released by the Nationwide, as well as lending figures from the Bank of England. Both are to be released on Thursday, with economists anticipating stagnation in sales and prices.

Eurozone data will also be released over the week, starting with private loans and money supply numbers tomorrow. Business and consumer confidence surveys are released on Thursday, alongside studies on the business climate. Inflation and unemployment figures across the currency union will be announced on Friday.

Analysts fear all of these will point to a sharp decline in economic activity across Europe, signalling that the recovery seen earlier in the year is well and truly over.