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

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

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- Bloomberg Consensus: 0.2% m/m, -1.5% y/y; MNI Median: 0.2 % m/m, -1.5% y/y

- Previous (Apr): -0.5% m/m, -0.4% y/y

- EZ ind output is expected to rise for the first time in four months in May

- Mkts look for IP to pick up by 0.2% m/m, following -0.4% & -0.5% in Mar & Apr

- MNI sees upside risk to consensus as state data points to healthier expansion

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

Germany (+0.7%); France (+2.1%); Italy (+0.9%); and Spain (+0.3%)

- Softer global economic growth and a risk-heavy geopolitical backdrop have made

businesses increasingly reluctant to invest

- Forward-looking data does not give hope of an imminent turnaround...

- German factory orders fell by a hefty 2.2% m/m in May - boding poorly for

production in the bloc's largest economy going forward

- The Eurozone manufacturing PMI, meanwhile, showed operating conditions in the

sector deteriorating for a fifth straight month in Jun