The IFO survey of business expectations printed much better than expected confirming other data points from the Eurozone this week that showed a possible turn to the upside in the region’s economy. The IFO survey recorded a reading of 83.7 versus consensus expectations of 82.4. More importantly the Current Assessment figures improved to 83.6 from 82.7 the month prior.

EZ PMI Services survey registered it best reading in six months printing at 43.1 versus forecasts of 41.2 while the Manufacturing gauge also improved to 36.7 from 33.9 the month prior. The better than expected results of the survey suggest that the contraction in EZ economy may be bottoming out having reached its nadir in Q1 of 2009.

University of Michigan Survey of consumer sentiment printed much better than expected at 61.9 versus 57.3 the month prior. This was the second consecutive monthly improvement and the best reading since September of 2008.

Japanese Eco Watcher survey printed much stronger than forecast at 28.4 versus consensus calls of 20.9 as the worst economic contraction in Japan since World War II appears to be bottoming out. This was the third consecutive month of better than expected results from the survey suggesting that consumer demand may be finally stabilizing albeit at extremely low levels.