A Thursday NIM/GfK survey showed Germany's consumer confidence index rose MoM to
-26.6 in early September from a revised -29.4 in August, beating a -29.6
consensus. The gain was driven by income expectations moving into positive
territory and an improved economic outlook. NIM said the index remains more than
6 points below year-ago levels but has risen for a fourth consecutive month,
indicating a modest uptrend. Despite the improvement, confidence is still low
and helps offset—but does not erase—continued household caution on spending.
