Industrial Production (Jul 2019)......>

EUROZONE DATA: Industrial Production (Jul 2019) Preview - 12/9/19 10:00 BST 

---------------------------------------------------------------------------

- Bloomberg Consensus: -0.1% m/m, -1.3% y/y; Prev (Jun): -1.6% m/m, -2.6% y/y.

- EZ IP is forecast to decline in July, although at a slower pace than in June.

- Mkts look for a 0.1% drop m/m, while y/y output is forecast to fall by 1.3%. 

- Production slumped in June with capital goods seeing the largest fall,

indicating a weakness in investment spending. 

- Output (ex-construction) fell m/m in 3 of the 4largest economies in the EZ:

Germany (-0.8%); Italy (-0.7%); and Spain (-0.4%). France rose 0.3% by

comparison. 

- EZ manufacturing PMI rose slightly in Aug, although in contraction since Jan. 

- Meanwhile, the EZ Economic Sentiment Indicator ticked up in Aug, but

confidence in the industrial sector remains weak, despite the small rise. 

- Global uncertainties remain unsolved and continue to weigh on activity and

sentiment, hence a turnaround in the EZ economy appears to be some way off,

increasing the urgency for further policy stimulus from the ECB.