Investing.com – Belgian business confidence fell significantly more-than-expected in April, dropping for the first time in ten months official data showed on Thursday.
In a report, the National Bank of Belgium said its business climate index plunged to a seasonally adjusted 2.8 in April, after advancing to 6.2 in March.
Analysts had expected the index to decline to 5.9 in April.
The decline in confidence among business leaders was reflected in each of the four branches of activity surveyed, but was more pronounced in the building industry and business-related services than in the manufacturing industry and trade sector.
Rising energy prices that could sap consumer demand and a fall in German business confidence were cited as leading causes for the change in sentiment.
Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD gaining 0.35% to hit 1.4574.
Meanwhile, European stock markets were up. The EURO STOXX 50 climbed 0.58%, France’s CAC 40 rose 0.5%, the FTSE 100 edged up 0.05%, while Germany's DAX advanced 0.73%.
In a report, the National Bank of Belgium said its business climate index plunged to a seasonally adjusted 2.8 in April, after advancing to 6.2 in March.
Analysts had expected the index to decline to 5.9 in April.
The decline in confidence among business leaders was reflected in each of the four branches of activity surveyed, but was more pronounced in the building industry and business-related services than in the manufacturing industry and trade sector.
Rising energy prices that could sap consumer demand and a fall in German business confidence were cited as leading causes for the change in sentiment.
Following the release of the data, the euro was up against the U.S. dollar, with EUR/USD gaining 0.35% to hit 1.4574.
Meanwhile, European stock markets were up. The EURO STOXX 50 climbed 0.58%, France’s CAC 40 rose 0.5%, the FTSE 100 edged up 0.05%, while Germany's DAX advanced 0.73%.