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MNI: EUROZONE DATA: Trade Balance (May 2019).........>

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MNI: EUROZONE DATA: Trade Balance (May 2019) Preview - 10:00 BST
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- Trade Bal: Bloomberg Consensus: EUR 17.5bn (sa); Prev (Apr): EUR15.3bn (sa)
- Exports: Prev (Apr): -2.5% m/m (sa), 5.2% y/y (nsa)
- Imports: Prev (Apr): -0.9% m/m (sa), 6.6% y/y (nsa)
- The EZ trade balance narrowed by EUR 3.3bn in April...
-...with exports reaching the lowest level since Feb 2018 and imports recording
a two month low
- Markets look for an expansion in the trade surplus after it contracted in Apr
for the second time in a row
- Country-level data supports market expectations...
-...with the German & Dutch trade surplus both expanding in May compared to Apr
- Meanwhile the French and the Portuguese trade deficits both narrowed in May
- Fwd-looking surveys suggest a fall in export order books in the coming
months...
-..pointing to a weak performance of exports ahead

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