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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%.
  • ETFs - EWI, ITLT, ITLY. (PR)
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