The Conference Board and State Street Global Markets both released confidence surveys today, with one falling and the other rising. The Conference Board’s Consumer Confidence Index fell -2.4 points in June, from 64.4 in May to 62.0. At the same time, State Street’s global Investor Confidence index rose 7 points, from May’s revised reading of 86.5 to 93.5.

The Conference Board noted:

Consumers were somewhat more positive about current conditions, but slightly more pessimistic about the short-term outlook. Income expectations, which had improved last month, declined in June. If this trend continues, spending may be restrained in the short-term.

A mixed bag at best that is pretty much inline with other recent surveys.

On the investor side, State Street noted:

The appetite for global equities is strongest among European institutional investors, reflected in the fact that the European [Investor Confidence Index] is 2.5 points above the neutral level of 100. We can also see this in the sectoral decomposition of flows, which shows some rotation out of safe havens and into more risk-sensitive sectors. To some extent, the buying of US, UK and Asian equities by European institutions may say more about their euro-currency concerns than it does about high expected returns for those markets.

Nothing new here either, just more confirmation that Europe is still bleeding.

Paul Ausick

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