French industry morale falls to near three-year low

French industrial confidence fell in April to its lowest level in nearly three years although overall business sentiment held steady, a survey showed on Wednesday. The INSEE official statistics agency said its industrial confidence index fell to 101 points - the lowest since June 2016 - from 103 in March, which was revised down from a preliminary reading of 102.
The result fell slightly short of the 102 points expected on average in a Reuters' poll of economists. The overall business morale was unchanged from March at 105, the highest level since November before confidence took a knock from a series of violent street protests against the government and the high cost of living. It was revised up from 104 in a preliminary reading in March.
Meanwhile, confidence in the dominant services sector held steady in April at 105 while the March reading was revised up from 103.