The European Commission reported its flash estimate showed the consumer confidence indicator for the Eurozone increased 0.8 points to -6.5 in May from the previous month.

Economists had expected the index to come in at -7.7.

Considering the European Union (EU) as a whole, consumer sentiment improved 1.1 points to -6.2.

Given these gains, both indicators are well above their respective long-term averages of -10.7 (Eurozone) and -10.0 (EU), the report said.