Investor morale in the euro zone fell in May to its lowest level since June 2020, a survey showed today, dropping for the third month in a row as the impact of the war in Ukraine on Europe's largest economy becomes increasingly clear.
Sentix's index for the euro zone fell to -22.6 in May from -18 in April. A Reuters poll had pointed to a May reading of -20.8.
"The global economy is facing a 'perfect storm'," Sentix Managing Director Manfred Huebner said in a statement.
"The traces of the Ukraine conflict are also becoming increasingly visible in the economy," he said, adding of the euro area: "The recession is becoming visible."
A current conditions index fell to -10.5 in May from -5.5 in April, declining for the third month in a row to its lowest level since March 2021.
An expectations index fell to -34.0 in May from -29.8 in April, also declining for the third month in a row and hitting its lowest level since December 2008.