Eurozone economic sentiment ticks higher

Economic sentiment in the eurozone ticked a little higher in November, according to a survey released on Wednesday.

The European Commission’s economic sentiment indicator (ESI) for the bloc rose to 93.8 from 93.5 in October, coming in a touch above consensus expectations for a reading of 93.7.

The index for consumer confidence edged up to -16.9 from -17.9 in October, while the services confidence gauge came in at 4.9 in November, versus 4.6 a month earlier. The index for manufacturing dipped to -9.5 from -9.2 last month.

Capital Economics said eurozone sentiment remains weak.

"Despite the rise in the EC Economic Sentiment Indicator (ESI) in November, it remained consistent with the economy contracting Q4," said research assistant Pollyanna Hall.

"The overall message from the survey chimes with that from the PMIs and underlines that the euro-zone economy remains weak. The increase in the headline index for November reflects small rises in sentiment in the services, retail, construction and consumer sectors, while industry edged down."