US consumer sentiment up, European industrial output down, China tightens

The US economy received some good news yesterday. From Reuters:

The University of Michigan's preliminary June index of consumer sentiment read 82.4, up from May's final reading of 79.1 and above Wall Street expectations for a reading of 79.0...

Before the June sentiment data's release, the Commerce Department said the U.S. current account deficit -- which measures international transactions as well as physical imports and exports -- narrowed more than expected in the first quarter to $208.7 billion, as exports rose more than imports.

But the news from Europe was not so good. From Eurostat:

Seasonally adjusted industrial production fell by 0.6% in the euro area in April 2006 compared to March. Production grew by 0.6% in March after remaining stable in February. Output in the EU25 fell by 0.1% in April, after increasing by 0.5% in March and remaining stable in February.

In April 2006 compared to April 2005, industrial production rose by 1.9% in the euro area and by 2.1% in the EU25.

Meanwhile, the People's Bank of China has -- not surprisingly after the recent economic data -- decided to raise its reserve requirement for commercial banks by 0.5 percentage points to eight percent from July 5.