Italian business confidence beats estimates in July

Italian business confidence is up from 90.5 (revised from 90.2) to 91.7 in July. That's well ahead of economist forecasts of a rise to 90.8.

The confidence index in manufacturing rose to 91.7 from 90.5. Assessments on order books and production expectations improved (from -39 to -37 and from -2 to 0, respectively); inventories decreased (from 1 to 0).

The confidence index in construction increased to 76.5 from 71.1. Assessments on order books and construction plans and employment expectations increased (from -56 to -52 and from -27 to -20, respectively).

The market services confidence index rose to 75.6 from 70.7 in June. The index increased in Transportation and storage (from 61.1 to 74.4), in Information and communication (from 79.2 to 84.3) and in Business services and other services (from 72.2 to 74.2) while it decreased in Tourism services (from 76.5 to 62.1).