Economic sentiment across the world is on the up, with survey and hard economic data continuing to diverge, not only in the US, but across the euro area, too. Fathom’s suite of Economic Sentiment Indicators now includes Italy, Spain and Portugal, as well as an aggregate for the euro area as a whole. Germany’s ESI continues to outperform, with strong Ifo readings driving the indicator to a six-year high in May. However, Italy’s ESI has decisively moved away from the...