Euro area consumers remain in buoyant mood

Consumers in the single currency bloc were in a more buoyant mood in April, contrary to expectations and to recent more downbeat readings readings on other major surveys.

The European Commission's consumer confidence gauge for the euro area rose by 0.3 points in April to reach 0.4, defying forecasts for a declined to -0.1, and back closer to its best levels since at least 2005.

In the European Union on the other hand, consumer confidence slipped, with the corresponding index retreating by 0.5 points to -0.8.

"Small rise, but somewhat of a relief in light of the recent horrible declines in almost all the major surveys," said Claus Vistesen, chief Eurozone economist at Pantheon Macroeconomics.

"An increase in this index is no guarantee that next week’s headline business surveys will be upbeat, but it reduces the risk of a further plunge."