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Belgium NBB business climate tumbles in May

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Forex Pros - Belgian business confidence tumbled unexpectedly in May, turning negative for the first time in nine months, official data showed on Tuesday.

In a report, the National Bank of Belgium said its business climate index plunged to a seasonally adjusted -0.5 in May from 2.8 in April.

Analysts had expected the index to advance to 3.2 in May.

On the index, a reading above 0.0 indicates improving conditions, below indicates worsening conditions.

Just as in April, confidence among business leaders weakened in all four of the branches of activity surveyed. The decline was strongest in manufacturing. With the exception of the building industry, prospects on the demand side are still clearly weak in all the various sectors.

Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD gaining 0.43% to hit 1.4109.

Meanwhile, European stock markets were up. The EURO STOXX 50 climbed 0.5%, France's CAC 40 rose 0.45%, the FTSE 100 advanced 0.65%, while Germany's DAX jumped 0.9%.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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