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Bearish Cycle Still In Play

MNI: EUROZONE DATA: Construction Output (Apr 2019) 
- EZ construction output: -0.8% m/m, 3.9% y/y
- Prev (Mar): -0.4% m/m, 5.8% y/y (rev. down from -0.3% m/m & 6.3% y/y)
- EZ construction output fell for a second consecutive month in Apr, as the
unwind from the sharp 2.9% m/m surge in Feb continued
- Civil engineering slumped by 2.5% m/m, while building construction declined by
a milder 0.5% m/m
- Among states for which data is available, the largest m/m declines in constr
output were seen in Slovenia (-7.4%), France (-2.3%) & the Netherlands (-1.2%)
- ... while Belgium (+1.8%), Spain (+1.6%), Finland (+0.9%) & Germany (+0.2%)
were the only countries to register monthly gains
- Constr output recorded four consecutive quarterly gains between Q2 18-Q1 19,
with Q1's robust 1.8% q/q expansion bolstered by favourable weather
- Fwd-looking indicators suggest a less vigorous performance in Q2, albeit at
50.6 in May, the Eurozone's construction PMI remains in expansion territory