Summary: Euro-zone composite sentiment index unchanged; above expectations; results from major euro-zone economies mixed; sovereign bond yields lower; 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; the consumer confidence sub-index only accounts for 20% of the ESI. However, it has a good relationship...