GfK's July consumer confidence index was -29.2 (consensus -27.6); June was
revised to -29.7. The index remains deeply weak; July's modest improvement
reflected a small uptick in income expectations while purchase intent and saving
propensity were unchanged. GfK said confidence is stable at low levels: easing
Inflation worries from peace talks and lower oil prices have slightly lifted
economic expectations, but there is no sign of a return to pre-war levels.
