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CHINA PBOC CONDUCTS CNY0.7 BLN VIA 7-DAY REVERSE REPOS WEDS

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EUROZONE DATA: Bank of Italy Euro-Coin Indicator Rises To 0.29 In August

EUROZONE DATA
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The Bank of Italy’s Euro-coin indicator (nowcast for EZ trend growth) rose to 0.29 in August (from 0.16 in July), after “employment growth and the overall improvement in household and business confidence more than offset the impact of industrial weakness”.

  • The trend growth series strips out seasonal variations, measurement errors and short-run volatility, and has been in positive (albeit subdued) territory for the last six months.
  • The increase comes despite a fall in Bloomberg’s GDP Nowcast in August to 0.04% from 0.10% in July (though Bloomberg’s indicator instead aims to estimate actual Q/Q growth, not trend growth).
  • Eurozone Q2 GDP is expected to be confirmed at 0.3% Q/Q on Friday, with current Bloomberg expecting a similar 0.3% outturn in both Q3 and Q4 this year.
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The Bank of Italy’s Euro-coin indicator (nowcast for EZ trend growth) rose to 0.29 in August (from 0.16 in July), after “employment growth and the overall improvement in household and business confidence more than offset the impact of industrial weakness”.

  • The trend growth series strips out seasonal variations, measurement errors and short-run volatility, and has been in positive (albeit subdued) territory for the last six months.
  • The increase comes despite a fall in Bloomberg’s GDP Nowcast in August to 0.04% from 0.10% in July (though Bloomberg’s indicator instead aims to estimate actual Q/Q growth, not trend growth).
  • Eurozone Q2 GDP is expected to be confirmed at 0.3% Q/Q on Friday, with current Bloomberg expecting a similar 0.3% outturn in both Q3 and Q4 this year.