Summary: Euro-zone composite sentiment index down; above expectations; results from major euro-zone economies all down; sovereign bond yields little changed; index still implies GDP 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, with the consumer confidence sub-index only accounting for 20% of the ESI. However, it has...