Summary: Euro-zone composite sentiment index improves for second consecutive month; under expectations; all major economies’ indices improve; sovereign bond yields unresponsive; implies GDP smaller contraction. The European Commission’s Economic Sentiment Indicator (ESI) is a composite index comprised of five differently-weighted sectoral confidence indicators. It is heavily weighted towards confidence surveys from the business sector; the consumer confidence sub-index only accounts for 20% of the ESI. However, it has a...