Germany's Gfk Consumer Confidence Index for July recorded -29.2, missing the expected -27.6. The previous value was revised from -29.8 to -29.7.

The index still indicates that consumer confidence has rebounded from the lows of May and June, but the scale of the rebound fell short of expectations. The overall consumption environment remains weak, but the good news is that there are at least some signs of stabilization at present. The mild improvement in July was mainly driven by a slight increase in income expectations, while willingness to spend and willingness to save remained basically unchanged from the previous month. GfK pointed out: “Consumer confidence is currently stabilizing at a low level. Income expectations have only recovered slightly, willingness to spend remains sluggish, and the willingness to save has not decreased. Therefore, although peace negotiations and falling crude oil prices have eased consumer concerns about inflation and economic expectations have improved slightly, there are still no signs of a return to pre-war levels at present.”