Eurozone: Disappointing June IP report

EMU – IP (Jun): -0.6% UniCredit: 0.0% ------ Consensus: 0.3% ----- Last: 0.6% Eurozone IP was surprisingly weak in June, falling 0.6% after a 0.6% gain in May (revised up from 0.5% originally reported). It’s the second consecutive month in which the eurozone IP figure comes in well below the weighted average of single countries’ data, which had pointed to a flat/marginally positive reading. This “odd” development is due to Eurostat’s own methodology to adjust raw (working-day-adjusted) data