European economic sentiment just hit a new four year high

The European Commission's latest data on economic sentiment is out, showing a surprise uptick in August, running against analyst expectations.

The Economic Sentiment Indicator hit 104.2, the highest since 2011. The index broke into positive territory at the end of 2014 and has been there ever since.

Any figure above 100 indicates that people are confident on net.

Analysts were expecting the index to dip slightly to 103.9.

In July, it came in at 104. That was previously the strongest reading since 2011.

Despite Greece's dramatic negotiation for a bailout deal, the turmoil in Athens and Brussels hasn't seemed to weigh on sentiment too much.