MNI: EUROZONE DATA: Industrial Production (Jun.......>

MNI: EUROZONE DATA: Industrial Production (Jun 2019) Preview - 10:00 BST

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- Bloomberg Consensus: -1.5% m/m, -1.5% y/y; MNI Median: -1.4 % m/m, -1.5% y/y 

- Previous (May): 0.9% m/m, -0.5% y/y - EZ ind output is forecast to decline in

June after May's rebound 

- Markets look for IP to plummet by 1.5% m/m, leaving Q2's growth rate at -0.5%

after Q1's 0.9% quarterly gain 

- Output (ex. construction) fell m/m in all four of the EZ's largest economies:

Germany (-1.8%); France (-2.3%); Italy (-0.2%); and Spain (-0.2%) 

- Forward-looking data paints a gloomy picture... 

-...with July's manufacturing PMI recording another decline (46.5) due to output

and new orders hitting the lowest levels since Dec 2012...

- Germany's mfg sector remains in recession, despite the recent uptick in ind

orders which provides little cause for hope for the EZ's largest economy 

- Global uncertainties (US-China trade dispute, Brexit, auto tariffs, etc.)

continue to create a challenging environment for manufacturers