Italian industrial output slumps

Italian industrial output unexpectedly dropped 1.1% on month in July from +0.2% in June and badly missed consensus of +0.3%.

On year, production -4.3% vs -2.1% and -2.5%.

The wretched figures may have put paid to any hopes that Italy will emerge from its longest post-war recession in Q3, especially as industrial output closely correlates to GDP in the country.

The FTSE MIB takes a dive and is -0.5%, but 10-year bond yields are little changed at 4.53%.


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