Summary: Euro-zone composite sentiment index down in July; below expectations; readings down in all five sectors; down in all four large economies; German, French 10-year yields materially lower; index implies annual GDP growth of 1.2%. The European Commission’s Economic Sentiment Indicator (ESI) is a composite index comprising five differently weighted sectoral confidence indicators. It is heavily weighted towards confidence surveys from the business sector, with the consumer confidence sub-index only...