Denmark: Business confidence in the industrial sector retreats further in May, hints at weak fixed investment
Business confidence among firms in the industrial sector fell from minus 22 points in April to minus 26 points in May, marking the lowest reading since April 2009. Consequently, the index fell further below the zero-threshold that separates pessimism from optimism among Danish industrial firms. The reading was driven by greater pessimism regarding order books.
The service sector also grew gloomier, while construction and retail sentiment improved somewhat, likely supported by the gradual reopening of the economy. Depressed sentiment overall bodes poorly for fixed investment in the second quarter.