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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EUROZONE DATA
MNI (London)
EUROZONE JUN INDUSTRIAL PRODUCTION +0.7% M/M (FCST +0.2%), MAY +2.1%r M/M
EUROZONE JUN INDUSTRIAL PRODUCTION +2.4% Y/Y (FCST +1.0%); MAY +1.6% Y/Y
- Industrial production saw a robust June expansion in the eurozone, up 2.4% y/y (up 0.8pp from May). The month-on-month expansion was 0.7% m/m, following the substantial upwards revision in the May data, from +0.8% m/m to +2.1% m/m.
- The June data is all above expectations, at a 0.5pp beat month-on-month and 1.4pp beat for the annual print.
- Expansions were registered in the production of capital goods (+7.6% y/y) and durable g=consumer goods (+4.0%), whilst energy stabilised (+0.0%). Soft contractions were seen for intermediate goods (-0.5% y/y) and non-durables (-1.1%), hinting at slowdowns in demand.
- Substantial discrepancies are seen across national IP numbers (see graph below).
- More recent developments in the gas supply through Russia are cause for concern regarding euro area industry going forward, leading some sell-side analysts to shift forecast a German industry contraction for Q3 and Q4.
- The ECB will be closely monitoring signs of contraction across the bloc ahead of the September 8 meeting, with a front-load-and-pause tactic remaining the most likely.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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