In May, European Commission’s consumer confidence unexpectedly improved, according to the first estimate. The headline index rose from -11.6 to -9.7, the highest level since November last year, while the consensus was looking for a third consecutive decline. The improvement was probably due to strong economic activity in the core EMU countries. The austerity measures and continued turmoil in peripheral countries were probably limiting the improvement in those countries. The final data (published on Friday) will provide us with more details.