{"id":10911,"date":"2019-07-03T13:00:41","date_gmt":"2019-07-03T12:00:41","guid":{"rendered":"https:\/\/lazardfreresgestion-tribune.fr\/?p=10911"},"modified":"2019-07-04T09:09:06","modified_gmt":"2019-07-04T08:09:06","slug":"eurozone-mixed-signals-from-confidence-indicators","status":"publish","type":"post","link":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/","title":{"rendered":"Eurozone: mixed signals from confidence indicators"},"content":{"rendered":"<h1>Chart of the week<\/h1>\n<p>The European Commission\u2019s Economic Sentiment Indicator remained sluggish and settled at 103.3 in June, its lowest level since the summer of 2016. A closer look reveals significant divergences between economic sectors. While manufacturing continues to struggle, confidence levels in the services sector and among construction companies are stable and, in the case of construction, notably high.<\/p>\n<h1><img loading=\"lazy\" decoding=\"async\" class=\"alignnone size-full wp-image-10912\" src=\"https:\/\/lazardfreresgestion-tribune.com\/wp-content\/uploads\/\/2019\/07\/03072019-2.png\" alt=\"\" width=\"1088\" height=\"583\" srcset=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/03072019-2.png 1088w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/03072019-2-300x161.png 300w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/03072019-2-768x412.png 768w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/03072019-2-1024x549.png 1024w, https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/03072019-2-600x322.png 600w\" sizes=\"auto, (max-width: 1088px) 100vw, 1088px\" \/><\/h1>\n<h1><b>OUR<\/b> <b>ANALYSIS<\/b><\/h1>\n<p>This mixed picture is actually quite reassuring when compared with the last two recessions: in both 2008 and the end of 2011, confidence levels plunged in lockstep, unlike today. These readings confirm that the current slowdown can be explained by feeble manufacturing output due to both auto-sector disruption and trade-war concerns.<\/p>\n<p>In terms of demand components, weaker manufacturing activity is reflected by changes in inventory levels. Inventories proved a significant growth drag in the last and first quarters of 2018 and 2019 respectively, and doubtless had a negative effect yet again in the second quarter of 2019. Once the external factors that are currently at play in the manufacturing sector have dissipated, conditions will be ripe for a rebound.<\/p>\n<p>&nbsp;<\/p>\n<p><em>The opinion expressed above is dated June 28th, 2019, and liable to change.<\/em><\/p>\n<p><span style=\"color: #333333; font-family: 'Arial',sans-serif; font-size: 8pt;\">This document is not pre-contractual or contractual in nature. It is provided for information purposes. The analyses and descriptions contained in this document shall not be interpreted as being advice or recommendations on the part of Lazard Fr\u00e8res Gestion SAS. This document does not constitute an offer or invitation to purchase or sell, nor an encouragement to invest. This document is the intellectual property of Lazard Fr\u00e8res Gestion SAS.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chart of the week The European Commission\u2019s Economic Sentiment Indicator remained sluggish and settled at 103.3 in June, its lowest&hellip; <\/p>\n","protected":false},"author":101016,"featured_media":10921,"comment_status":"closed","ping_status":"closed","sticky":true,"template":"","format":"standard","meta":{"footnotes":""},"categories":[148],"tags":[],"class_list":["post-10911","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-chart-of-the-week"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Eurozone: mixed signals from confidence indicators &#8211; Tribune Lazard Fr\u00e8res Gestion<\/title>\n<meta name=\"description\" content=\"Eurozone: mixed signals from confidence indicators Chart of the week Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Eurozone: mixed signals from confidence indicators &#8211; Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta property=\"og:description\" content=\"Eurozone: mixed signals from confidence indicators Chart of the week Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta property=\"og:url\" content=\"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/\" \/>\n<meta property=\"og:site_name\" content=\"Tribune Lazard Fr\u00e8res Gestion\" \/>\n<meta property=\"article:published_time\" content=\"2019-07-03T12:00:41+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-07-04T08:09:06+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/shutterstock_1245374890-e1562165865576.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"4195\" \/>\n\t<meta property=\"og:image:height\" content=\"1394\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Lazard Freres Gestion\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@LazardGestion\" \/>\n<meta name=\"twitter:site\" content=\"@LazardGestion\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Lazard Freres Gestion\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/eurozone-mixed-signals-from-confidence-indicators\\\/#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/eurozone-mixed-signals-from-confidence-indicators\\\/\"},\"author\":{\"name\":\"Lazard Freres Gestion\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/person\\\/4a2bad19c535814f1e1473d181f83e9c\"},\"headline\":\"Eurozone: mixed signals from confidence indicators\",\"datePublished\":\"2019-07-03T12:00:41+00:00\",\"dateModified\":\"2019-07-04T08:09:06+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/eurozone-mixed-signals-from-confidence-indicators\\\/\"},\"wordCount\":265,\"publisher\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/eurozone-mixed-signals-from-confidence-indicators\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/shutterstock_1245374890-e1562165865576.jpg\",\"articleSection\":[\"Chart of the week\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/eurozone-mixed-signals-from-confidence-indicators\\\/\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/eurozone-mixed-signals-from-confidence-indicators\\\/\",\"name\":\"Eurozone: mixed signals from confidence indicators &#8211; Tribune Lazard Fr\u00e8res Gestion\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/eurozone-mixed-signals-from-confidence-indicators\\\/#primaryimage\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/eurozone-mixed-signals-from-confidence-indicators\\\/#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/shutterstock_1245374890-e1562165865576.jpg\",\"datePublished\":\"2019-07-03T12:00:41+00:00\",\"dateModified\":\"2019-07-04T08:09:06+00:00\",\"description\":\"Eurozone: mixed signals from confidence indicators Chart of the week Tribune Lazard Fr\u00e8res Gestion\",\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/eurozone-mixed-signals-from-confidence-indicators\\\/\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/eurozone-mixed-signals-from-confidence-indicators\\\/#primaryimage\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/shutterstock_1245374890-e1562165865576.jpg\",\"contentUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/07\\\/shutterstock_1245374890-e1562165865576.jpg\",\"width\":4195,\"height\":1394},{\"@type\":\"WebSite\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#website\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/\",\"name\":\"Tribune Lazard Fr\u00e8res Gestion\",\"description\":\"Blog\",\"publisher\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\"},\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Organization\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#organization\",\"name\":\"Lazard Fr\u00e8res Gestion\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/\",\"logo\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\",\"url\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/03\\\/LOGOLINKEDINVF-2.png\",\"contentUrl\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/wp-content\\\/uploads\\\/2019\\\/03\\\/LOGOLINKEDINVF-2.png\",\"width\":5000,\"height\":5000,\"caption\":\"Lazard Fr\u00e8res Gestion\"},\"image\":{\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/logo\\\/image\\\/\"},\"sameAs\":[\"https:\\\/\\\/x.com\\\/LazardGestion\",\"https:\\\/\\\/www.linkedin.com\\\/company\\\/lazard-freres-gestion\\\/\",\"https:\\\/\\\/www.youtube.com\\\/channel\\\/UCI1a03ScxMW6clPl82UO_tQ\"]},{\"@type\":\"Person\",\"@id\":\"https:\\\/\\\/latribune.lazardfreresgestion.fr\\\/en\\\/#\\\/schema\\\/person\\\/4a2bad19c535814f1e1473d181f83e9c\",\"name\":\"Lazard Freres Gestion\",\"image\":{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"url\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"contentUrl\":\"https:\\\/\\\/secure.gravatar.com\\\/avatar\\\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g\",\"caption\":\"Lazard Freres Gestion\"}}]}<\/script>\n<!-- \/ Yoast SEO plugin. -->","yoast_head_json":{"title":"Eurozone: mixed signals from confidence indicators &#8211; Tribune Lazard Fr\u00e8res Gestion","description":"Eurozone: mixed signals from confidence indicators Chart of the week Tribune Lazard Fr\u00e8res Gestion","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/","og_locale":"en_US","og_type":"article","og_title":"Eurozone: mixed signals from confidence indicators &#8211; Tribune Lazard Fr\u00e8res Gestion","og_description":"Eurozone: mixed signals from confidence indicators Chart of the week Tribune Lazard Fr\u00e8res Gestion","og_url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/","og_site_name":"Tribune Lazard Fr\u00e8res Gestion","article_published_time":"2019-07-03T12:00:41+00:00","article_modified_time":"2019-07-04T08:09:06+00:00","og_image":[{"width":4195,"height":1394,"url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/shutterstock_1245374890-e1562165865576.jpg","type":"image\/jpeg"}],"author":"Lazard Freres Gestion","twitter_card":"summary_large_image","twitter_creator":"@LazardGestion","twitter_site":"@LazardGestion","twitter_misc":{"Written by":"Lazard Freres Gestion","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/#article","isPartOf":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/"},"author":{"name":"Lazard Freres Gestion","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c"},"headline":"Eurozone: mixed signals from confidence indicators","datePublished":"2019-07-03T12:00:41+00:00","dateModified":"2019-07-04T08:09:06+00:00","mainEntityOfPage":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/"},"wordCount":265,"publisher":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/#primaryimage"},"thumbnailUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/shutterstock_1245374890-e1562165865576.jpg","articleSection":["Chart of the week"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/","name":"Eurozone: mixed signals from confidence indicators &#8211; Tribune Lazard Fr\u00e8res Gestion","isPartOf":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website"},"primaryImageOfPage":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/#primaryimage"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/#primaryimage"},"thumbnailUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/shutterstock_1245374890-e1562165865576.jpg","datePublished":"2019-07-03T12:00:41+00:00","dateModified":"2019-07-04T08:09:06+00:00","description":"Eurozone: mixed signals from confidence indicators Chart of the week Tribune Lazard Fr\u00e8res Gestion","inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/eurozone-mixed-signals-from-confidence-indicators\/#primaryimage","url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/shutterstock_1245374890-e1562165865576.jpg","contentUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/07\/shutterstock_1245374890-e1562165865576.jpg","width":4195,"height":1394},{"@type":"WebSite","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#website","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/","name":"Tribune Lazard Fr\u00e8res Gestion","description":"Blog","publisher":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/latribune.lazardfreresgestion.fr\/en\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#organization","name":"Lazard Fr\u00e8res Gestion","url":"https:\/\/latribune.lazardfreresgestion.fr\/en\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/","url":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png","contentUrl":"https:\/\/latribune.lazardfreresgestion.fr\/wp-content\/uploads\/2019\/03\/LOGOLINKEDINVF-2.png","width":5000,"height":5000,"caption":"Lazard Fr\u00e8res Gestion"},"image":{"@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/x.com\/LazardGestion","https:\/\/www.linkedin.com\/company\/lazard-freres-gestion\/","https:\/\/www.youtube.com\/channel\/UCI1a03ScxMW6clPl82UO_tQ"]},{"@type":"Person","@id":"https:\/\/latribune.lazardfreresgestion.fr\/en\/#\/schema\/person\/4a2bad19c535814f1e1473d181f83e9c","name":"Lazard Freres Gestion","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/128f0714f61071a51906906969e21f6ee66c72ddf9e381e561272ca0fbd906eb?s=96&d=mm&r=g","caption":"Lazard Freres Gestion"}}]}},"_links":{"self":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/10911","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/users\/101016"}],"replies":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/comments?post=10911"}],"version-history":[{"count":1,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/10911\/revisions"}],"predecessor-version":[{"id":10915,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/posts\/10911\/revisions\/10915"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/media\/10921"}],"wp:attachment":[{"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/media?parent=10911"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/categories?post=10911"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/latribune.lazardfreresgestion.fr\/en\/wp-json\/wp\/v2\/tags?post=10911"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}