EU's retail, consumer confidence down in June
The dip in sentiment was driven primarily by weakening industry confidence, with modest declines in retail trade and consumer expectations, the Commission found in the latest Business and Consumer Survey.
Among major EU economies, France recorded the sharpest decline of 3.4 points, followed by Spain with 1.4 and Germany down by 0.8, while Poland saw an increase of 1 point.
EU's Economic Sentiment Indicator (ESI) fell to 94 in June 2025, reflecting weakened confidence, especially in industry. France saw the steepest decline among major economies. Retail and consumer sentiment also slipped. Selling price expectations fell across most sectors. The Economic Uncertainty Indicator dropped to 16.4, suggesting easing concerns.
Industry confidence fell 1.1 points due to deteriorating assessments of order books, production expectations, and stock levels. Retail confidence slipped slightly, with lower business expectations outweighing a modest improvement in past business assessments. Consumer confidence remained broadly stable, though spending intentions weakened.
Selling price expectations continued to fall in industry, services, and construction, though they rose in retail. The Economic Uncertainty Indicator (EUI) dropped by 2 points to 16.4, indicating easing concerns across most sectors, especially in services, construction, and industry. Consumers also reported lower financial uncertainty.
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Economic Times
an hour ago
- Economic Times
India is certainly crucial in IMEC project: Italy's envoy Francesco Talo'
PTI New Delhi: Italy's special envoy for India-Middle East-Europe Economic Corridor (IMEC) Francesco M. Tal speaks during an interview with PTI, in New Delhi. India is "certainly crucial" in the transnational IMEC project because it's a huge market and producer, as also the initiative is about trade of goods, energy and data connectivity, and New Delhi is a "protagonist in all three sectors," a top Italian diplomat has said. Billed as a pathbreaking initiative, the India-Middle East-Europe Economic Corridor (IMEC) envisages a vast road, railroad and shipping networks among Saudi Arabia, India, the US and Europe with an aim to ensure integration among Asia, Middle East and the West. In an exclusive interview to PTI Videos earlier this week, Italy's special envoy for IMEC, Francesco Talo' also said the ambitious project was started with a "lot of hope" and such initiatives are needed especially in times of volatility and uncertainty driven by global security challenges. Talo', a seasoned diplomat, visited India recently to take part in a meeting of representatives of countries which are partners in the IMEC initiative, which was was firmed up on the sidelines of the G20 Summit in Delhi in September 2023. "India is certainly crucial, because it's a huge market. It's a huge producer. So, on both aspects, it is very important. Then you know that IMEC is, let's say, a network of connectivity. I like to speak more about a network than a corridor, because it's more complicated than a one way point-to-point link," he told PTI in the interview hosted at the Italian Embassy here. This project is very much about trade, and of course goods, exchange of goods, as also very much about energy and data. And, "India is a protagonist in all three sectors," he said. So, of course, "you (India) are important", more and more as an industrial country, as a recipient market, but also as a hub for technology, and therefore from India, data, the connectivity of data, the digital connections are very important, the envoy underlined. "So we are linking India to Europe. And, here together we can be really the main actors. You know that there is a cable (project) called Blue Raman which is going to connect Mumbai with Italian harbour of Genoa in the Mediterranean, and then from Genoa all over Europe. This is crucial because data is practically the fuel of the 21st century," Talo' said. He emphasised the critical role of digital connectivity besides physical connectivity that will help power data centres and lend "more possibility and strength to our artificial intelligence and to our technologies and economy at large". Then, of course, the exchange of goods, between India and the European Union, which is forecast to "double in 10 years" as a result of the initiative, he said, without elaborating. And, energy is still absolutely necessary also for the digital economy because data centres need a lot of energy, the envoy added. During his visit to New Delhi, Talo' met the deputy National Security Advisor and a host of other senior officials in the central government. "I have had meetings with part of the administration, especially with people in the National Security Council and the external affairs ministry. And I'm planning to meet other people today (August 6) in order to better understand the importance of our partner India," he said. Talo' said discussions were held about the possibility that India can produce more and more hydrogen, green hydrogen and possibly not only for domestic consumption, but also to be exported. "This is valid very much for the Gulf countries. They have a lot of energy, they have a lot of sun, wind so they can produce. On the other hand, in Europe, we need energy. We don't produce enough. So there are, I mean, common interests in this field. Energy, digital connectivity, and of course connectivity," the envoy underlined. And, it's good that in this very city, the "first meeting" among the special envoys of IMEC was held, the diplomat said. "I was here when the initiative was launched in September 2023. I was with my Prime Minister Giorgia Meloni. And, we had a clear vision of a great opportunity for our countries, for our shared interests," Talo' said, adding, IMEC was started with a "lot of hope" and it was very much linked to the idea of having important political and economic results. And, this is the moment really to have a "transition" from a phase of conferences, interviews, and some public events to a "more concrete phase of action", he asserted. In September 2023, an agreement was signed by India, Saudi Arabia, the European Union, the United Arab Emirates (UAE), the US and some other G20 partners for the corridor. During the interaction, he also shared the reasons for Italy pitching its coastal city of Trieste as a "possible principal hub" in this corridor. On France also pitching to have Marseille, perhaps as a terminal on this corridor, Talo' said, "Well, I think that we need to have several terminals. Actually, I understand that in India there might be several ports." EU signatories Italy, France, and Germany are partners in this transnational connectivity project, and the envoy said Rome is working with the spirit of "Team Europe". Talo' shared that Italian Foreign Minister Antonio Tajani plans to organise an IMEC-related meeting in Trieste, "by the end of this year". "It is not something formal with all the ministers. It's mainly intended to present Trieste as a great opportunity, as an ideal hub for IMEC. It will be dedicated to the business community and also to some ministers," he said. Asked if External Affairs Minister S Jaishankar will be invited for the meeting, he said, "Of course, the Indian minister would really be the main actor..., but it's not going to be a formal meeting."
News18
2 hours ago
- News18
India is certainly crucial in IMEC project: Italys envoy Francesco Talo
New Delhi, Aug 10 (PTI) India is 'certainly crucial" in the transnational IMEC project because it's a huge market and producer, as also the initiative is about trade of goods, energy and data connectivity, and New Delhi is a 'protagonist in all three sectors," a top Italian diplomat has said. Billed as a pathbreaking initiative, the India-Middle East-Europe Economic Corridor (IMEC) envisages a vast road, railroad and shipping networks among Saudi Arabia, India, the US and Europe with an aim to ensure integration among Asia, Middle East and the West. In an exclusive interview to PTI Videos earlier this week, Italy's special envoy for IMEC, Francesco Talo' also said the ambitious project was started with a 'lot of hope" and such initiatives are needed especially in times of volatility and uncertainty driven by global security challenges. Talo', a seasoned diplomat, visited India recently to take part in a meeting of representatives of countries which are partners in the IMEC initiative, which was was firmed up on the sidelines of the G20 Summit in Delhi in September 2023. 'India is certainly crucial, because it's a huge market. It's a huge producer. So, on both aspects, it is very important. Then you know that IMEC is, let's say, a network of connectivity. I like to speak more about a network than a corridor, because it's more complicated than a one way point-to-point link," he told PTI in the interview hosted at the Italian Embassy here. This project is very much about trade, and of course goods, exchange of goods, as also very much about energy and data. And, 'India is a protagonist in all three sectors," he said. So, of course, 'you (India) are important", more and more as an industrial country, as a recipient market, but also as a hub for technology, and therefore from India, data, the connectivity of data, the digital connections are very important, the envoy underlined. 'So we are linking India to Europe. And, here together we can be really the main actors. You know that there is a cable (project) called Blue Raman which is going to connect Mumbai with Italian harbour of Genoa in the Mediterranean, and then from Genoa all over Europe. This is crucial because data is practically the fuel of the 21st century," Talo' said. He emphasised the critical role of digital connectivity besides physical connectivity that will help power data centres and lend 'more possibility and strength to our artificial intelligence and to our technologies and economy at large". Then, of course, the exchange of goods, between India and the European Union, which is forecast to 'double in 10 years" as a result of the initiative, he said, without elaborating. And, energy is still absolutely necessary also for the digital economy because data centres need a lot of energy, the envoy added. During his visit to New Delhi, Talo' met the deputy National Security Advisor and a host of other senior officials in the central government. 'I have had meetings with part of the administration, especially with people in the National Security Council and the external affairs ministry. And I'm planning to meet other people today (August 6) in order to better understand the importance of our partner India," he said. Talo' said discussions were held about the possibility that India can produce more and more hydrogen, green hydrogen and possibly not only for domestic consumption, but also to be exported. 'This is valid very much for the Gulf countries. They have a lot of energy, they have a lot of sun, wind so they can produce. On the other hand, in Europe, we need energy. We don't produce enough. So there are, I mean, common interests in this field. Energy, digital connectivity, and of course connectivity," the envoy underlined. And, it's good that in this very city, the 'first meeting" among the special envoys of IMEC was held, the diplomat said. 'I was here when the initiative was launched in September 2023. I was with my Prime Minister Giorgia Meloni. And, we had a clear vision of a great opportunity for our countries, for our shared interests," Talo' said, adding, IMEC was started with a 'lot of hope" and it was very much linked to the idea of having important political and economic results. And, this is the moment really to have a 'transition" from a phase of conferences, interviews, and some public events to a 'more concrete phase of action", he asserted. In September 2023, an agreement was signed by India, Saudi Arabia, the European Union, the United Arab Emirates (UAE), the US and some other G20 partners for the corridor. During the interaction, he also shared the reasons for Italy pitching its coastal city of Trieste as a 'possible principal hub" in this corridor. On France also pitching to have Marseille, perhaps as a terminal on this corridor, Talo' said, 'Well, I think that we need to have several terminals. Actually, I understand that in India there might be several ports." EU signatories Italy, France, and Germany are partners in this transnational connectivity project, and the envoy said Rome is working with the spirit of 'Team Europe". Talo' shared that Italian Foreign Minister Antonio Tajani plans to organise an IMEC-related meeting in Trieste, 'by the end of this year". 'It is not something formal with all the ministers. It's mainly intended to present Trieste as a great opportunity, as an ideal hub for IMEC. It will be dedicated to the business community and also to some ministers," he said. Asked if External Affairs Minister S Jaishankar will be invited for the meeting, he said, 'Of course, the Indian minister would really be the main actor…, but it's not going to be a formal meeting." PTI KND NB NB (This story has not been edited by News18 staff and is published from a syndicated news agency feed - PTI) view comments First Published: August 10, 2025, 10:15 IST News agency-feeds India is certainly crucial in IMEC project: Italys envoy Francesco Talo Disclaimer: Comments reflect users' views, not News18's. Please keep discussions respectful and constructive. Abusive, defamatory, or illegal comments will be removed. News18 may disable any comment at its discretion. By posting, you agree to our Terms of Use and Privacy Policy.
Time of India
2 hours ago
- Time of India
‘We'll all be poorer with Donald Trump's tariffs — but he can't halt clean energy'
Gernot Wagner Gernot Wagner is a climate economist at Columbia Business School and faculty director of its Climate Knowledge Initiative. Speaking to Srijana Mitra Das at Times Evoke, he discusses Donald Trump 's tariffs — and their implications for the net zero movement: Donald Trump has called the Indian economy 'dead' — how do you analyse that? I take Donald Trump's comment about India being a 'dead economy' about as seriously as anything else he says — the 50% tariffs on India and Brazil are now his latest instance of economic arson. Nobody even knows how long these tariffs will last, how high they'll be in a month, who will get exemptions or why. The tragedy is, Trump holds real power to damage the US — and the global — economy. BLOWING IN THE WIND... Donald Trump dislikes wind turbines, which he considers a blot on the landscape — yet, these are actually far better at preserving nature, a fact many nations accept by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like This new air conditioner cools down a room in just seconds News of the Discovery Undo What are the key economic implications of Donald Trump's tariffs for America — and the world? The main implication is higher inflation — we will all be poorer for them. 'Price up, quantity demanded down' is a steadfast economic principle. It applies here too. Of course, there are complexities — are there ever smart tariffs, for instance? The answer can be 'Yes' in, say, a climate context with carbon tariffs like the European Union's Carbon Border Adjustment Mechanism ( CBAM ). These are the kind of tariffs which even writers of The Economist can get behind because they help level the playing field for a policy that is a step in the right direction, internalising negative externalities and ensuring the market functions better. Once, John Stuart Mill and Alexander Hamilton, both philosophers of liberalism, wrote favourably about setting tariffs for infant industry protection. A fledgling United States of America was extremely dependent on England — tariffs were the only way to jumpstart certain industries. Today, fastgrowing economies like India can benefit up to a point from intelligently applied targeted tariffs to foster domestic industry. However, things are different with Trump's tariffs — these do not benefit anyone. Consider the deal struck between the European Union (EU) and the US now — tariffs essentially went from almost 0 to 15%. US consumers buying European products are paying more while European consumers buying American products are also doing the same — everyone is poorer. Trump says the tariffs will boost US manufacturing and competitiveness — will they? There might have been a grain of truth to that, had the tariffs not come hand in hand with measures that actually hurt our competitiveness and manufacturing. The One Big Beautiful Bill passed recently removes many incentives that, under the Inflation Reduction Act of the Biden administration, helped onshoring the solar manufacturing supply chain in America. Five years ago, the US produced 13.5 new gigawatts of solar panels — this year, the US surpassed 50 gigawatts worth of domestic solar panel assembly. China dominates the global solar panel manufacturing supply chain. But this change in the US was because of concerted industrial policy, guiding things in the right direction on manufacturing, climate and competitiveness. Now, Donald Trump famously hates wind turbines. He also hates solar panels. Why? These cut into the profits of the fossil fuel industry. So, this is a double whammy for the US clean energy transition. It is now more costly to import solar panels — it is also more costly to manufacture them domest-ically. Yet, the clean energy transition is the inevitable future for business and manufacturing — there is only so much the Trump administration can do to stand in its way. The big winner from all these measures is China — the big loser is the US. The most worrying feature for businesses here is the random process of setting tariff levels, the inadequacy of the reasoning behind them and the erratic nature of it all. Businesses crave policy certainty. If you were to announce a complete phase-out of internal combustion engines by, say, January 1, 2035, as discussed and instituted in the EU, companies can say, 'Alright, that's 10 years from now, let's figure out how to adjust.' They can rework their investments and then strategise how to gain. Here, we have the administration saying, 'Tariffs are coming on this date — oh, now they're delayed by 90 days. Now they're on, now they're off'. Such uncertainty is hardly likely to benefit US competitiveness. How do you see the global energy transition? I am optimistic on some fronts. India and China have net zero goals. However, I am pessimistic about what is happening politically in the US at the federal level — plenty of damage will be done. But while those in charge are taking steps backward in the US, globally, the transition is accelerating in the right direction. You mentioned the EU's CBAM — this was recently rejected by BRICS which called it unilateral and discriminatory. What is your view? Of course those on CBAM's receiving end have obligations to their own citizens and would quite prefer CBAM to not exist. However, there are two important points here. First, the planet benefits overall because CBAM expands the carbon club or the set of nations willing to work on the best policies and nudge things in the right direction. Second, CBAM enables certain countries and industries to gain — for example, the Korean steel industry basically has two major companies. Those two groups export only about 5% of their production to the EU. So, only 5% of South Korea's steel production is directly affected by CBAM. That said, the prospect of CBAM coming along has been in place for a while. This prompted both these leading producers in the South Korean steel industry to invest in lower carbon steel production technologies that will help them avoid those carbon tariffs — CBAM justifies such investments, subsidies and domestic policies, all of which help the planet. BRICS could see that as a key result. India already has many climate-oriented policies, like the electrification of two- and three-wheelers, that are in many ways more advanced than anywhere else in the world. These have a clear rationale to them — electric motors are fundamentally better technology, a much more efficient mode than internal combustion engines. Why shouldn't a rapidly growing economy like India not jump for that, instead of locking itself into inefficient old technology? Why not use CBAM as an opportunity to do exactly that?
