Confidence is down in the US, according to the University of Michigan. Their consumer sentiment index fell from 84.1 to 83.9 in July. Economists had expected a rise to 85.0.
Amna Asaf, economist, Capital Economics:
The trivial drop in July's University of Michigan measure of US consumer confidence was probably a reaction to the decline in equity prices in late-June and early-July.
The expectations index, which normally reflects changes in both stock markets and gasoline prices, fell to a three-month low of 73.8, from 77.8.
Encouragingly, stock markets have since rallied by roughly 2% and gasoline prices are also drifting lower. All of the other determinants of confidence have also improved.
Overall, based on the historical relationship, the expectations index now suggests that third-quarter consumption growth could be almost as weak as the estimated 1.5% to 2.0% annualised gain in the second quarter.