Italian business confidence beats expectations with a rise to 90.2

Italian business confidence as measured by the Istituto nazionale di statistica beat expectations today, rising from 88.7 in May to 90.2 in June, versus forecasts of a slight rise to 89.0.

The confidence index in construction decreased to 71.0 from 81.0, while the market services confidence index fell to 70.6 from 76.4. The index increased in transportation and storage (from 60.4 to 60.6 ), tourism services (from 73.1 to 76.9) and in information and communication (from 77.4 to 78.8) while it decreased in business services and other services (from 86.9 to 72.1).

The retail trade confidence index fell to 80.7 from 80.8 in May. Confidence increased in large scale distribution (from 70.8 to 80.0) while it decreased in small and medium scale distribution (from 90.0 to 84.4).

Meanwhile, Spain's current account balance fell from €1.4bn through March to -€0.343bn through April 2013. However, the deficit is down from -€15.37bn through April 2012.

This follows strong German retail sales and French consumer spending figures released earlier today.