ITALY DATA: Net Exports Drag On Q2 GDP
Jul-30 08:30
Italian Q2 flash GDP was weaker-than-expected at -0.1% Q/Q (vs 0.1% cons, 0.3% prior). With Germany in line at -0.1% Q/Q and Spain/France/Ireland a little stronger-than-expected, there may still be upside risks to the Eurozone-wide consensus of 0.0% Q/Q.
- Few details are provided in the Italian flash print. The press release notes that “there is a positive contribution by the domestic component (gross of change in inventories) and a negative contribution by the net export component”.
- From a production perspective, “the quarter on quarter change is the result of a decrease of value added in both agriculture, forestry and fishing and in industry, whereas the contribution of services was null”.
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MNI: UK BOE APR MORTGAGE APPROVALS 63,032
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- MNI: UK BOE APR MORTGAGE APPROVALS 63,032
- UK BOE APR SECURED LENDING GBP2.05 BLN
- UK BOE APR CONSUMER CREDIT GBP0.86 BLN
MNI: UK APR M4 MONEY SUPPLY +0.2% M/M, +3.5% Y/Y
Jun-30 08:30
- MNI: UK APR M4 MONEY SUPPLY +0.2% M/M, +3.5% Y/Y
BONDS: Bid Extends After German Regional CPI Data, Friday Highs Intact
Jun-30 08:25
Fresh session highs for TY, Bund & gilt futures in recent trade, with the softer round of regional CPI data out of Germany adding to early London uptick in bonds.
- Note that the 3 futures contracts mentioned above trade below their respective Friday highs.
- Fairly parallel shifts seen on the respective cash curves, with light cross-market outperformance for gilts.
- EGB spreads to Bunds little changed to 1bp wider, aided by the German regional CPI data and pullback from session highs in European equity index futures.
