French Manufacturing Confidence Improves Unexpectedly

Morale of French manufacturers improved unexpectedly in June as they were confident about past, and future production trends, survey data from the statistical office INSEE showed on Thursday.

The business climate index for the manufacturing sector rose to 108 in June from 106 in May. Meanwhile, the score was forecast to fall to 10.5.

The past production index improved to 15 in June from 12 in May, and the index measuring manufacturers' general production outlook for the near term recovered from -9 to -5.

The index for global order books rose slightly to -1 from -2, while that on foreign order books remained stable at -3.

Manufacturers' view regarding personal production expectations over the next three months strengthened in June, driven by other transport equipment, which reached a historically high level. The corresponding index rose to 9 from 6 in May.

The indicator showing the assessment of inventories remained positive by rising to 9 from 8.

Manufacturers' opinion on the expected trend in selling prices eased somewhat in June after reaching an unprecedented level in May. The respective index fell from 55 to 52, but still remained very high.

The overall business confidence index that comprises the responses of business leaders from sectors, namely, manufacturing, construction, services, retail trade and wholesale trade, weakened to 104 in June from 106 in May.

Morale worsened in services and retail trade, but improved in the manufacturing, building and construction segments.

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