Italian business confidence sees unexpected rise in October

Italian business confidence has upset analyst predictions, as consensus forecasts suggested a drop in the indicator this October.

Instead, the latest data shows an increase from 96.8 (revised from 96.6) to 97.3. Consensus estimates suggested a drop to 96.3.

So a stronger October figure, and a nice upward revision to September's.

A rough translation of Istat's comments on the release:

The index reflects the overall deterioration in business confidence in the retail and services market is instead increasing business confidence in manufacturing and construction.