Consumer sentiment in key markets is starting to sour as fears of inflation, stimulus rollbacks, and overall uncertainty offset the spike in confidence seen at the beginning of the summer when most Covid-related restrictions were lifted.
MARKETS
French consumer confidence dipped for the second month in a row in August, as households become less optimistic about their personal finances.
- INSEE’s gauge of the mood among companies fell to 110 for August, down from 113 in July.
Germany’s GfK consumer sentiment index fell to minus 1.2 for September as increasing number of Covid cases and rising inflation knocked buying intentions.
“Prices have been rising rapidly since the middle of this year. This has a dampening effect on the consumer mood,” according to GfK’s Rolf Buerkl.
US consumer sentiment dropped to 70.2 in the first half of August from 81.2 in July – its lowest level since 2011, according to the University of Michigan’s index.
- Last August, consumer sentiment was 74.1, making for a 5.3% year-on-year decline.
“Consumers have correctly reasoned that the economy’s performance will be diminished over the next several months,” according to Richard Curtin, the survey’s director.
RETAL PROPERTY
Central Group (Thailand) will acquire a controlling stake in Siam Future Development for $400 million as part of its effort to further strengthen its presence in the country’s retail market.
- Siam Future Development runs 18 projects, including Mega Bangna, which is the top mall in suburban Bangkok.
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