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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
FRANCE DATA
MNI (London)
- French GDP came in stronger than anticipated for Q2, expanding 0.5% q/q (vs +0.2% forecast) and by 4.2% y/y (vs +3.7% forecast). This is a solid beat of the -0.2% q/q contraction seen in Q1, and only modestly slower than the strong +4.5% y/y growth of Q1.
- Stronger foreign trade was a key upwards growth driver, adding 0.4-points to the headline expansion and boosted by strong service exports and declining imports. The decline in household consumption was also significantly softer in Q2.
- Consumer spending remained robust in June, expanding by a modest 0.2% m/m, significantly outpacing the forecast of a -0.9% m/m contraction. The year-on-year contraction was 0.2pp softer than anticipated at -4.4% y/y (vs -3.4% y/y in May).
- The June report highlighted that a sharp rebound in energy consumption accounted for the growth in consumer spending, whilst consumption of manufactured and food goods both decreased. As such, the growth in spending is unlikely to translate into stronger underlying demand.
- French HICP is due at 0745 BST, which is seen accelerating further to +6.7% y/y. This coupled with a robust Q2 GDP print will likely add confidence to more hawkish ECB intentions going forward.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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