INDIA: Trade Deficit Widens More Than Anticipated to $27.35bln in July
* India's trade deficit widened to $27.350bln in July (Est: -$20.300bln) from a $18.773bln shortfa...
Want to read more?
Find more articles and bullets on these widgets:
Historical bullets
GILT AUCTION RESULTS: 4.25% Jun-32 Gilt Tender
| 4.25% Jun-32 Gilt | |
| Amount | GBP1.00bln |
| Avg yield | 4.161% |
| Bid-to-cover | 4.42x |
| Tail | 0.3bp |
| Avg price | 100.527 |
| Low price | 100.510 |
| Pre-auction mid | 100.506 |
MNI: EUROZONE MAY IP +1.7% M/M, +3.7% Y/Y
- MNI: EUROZONE MAY IP +1.7% M/M, +3.7% Y/Y
EUROZONE DATA: IP Much Stronger Than Expected In May; Ireland A Likely Culprit
Eurozone industrial production was much stronger-than-expected in May, with volatile Irish data once again a likely culprit. On a monthly SA basis, production rose 1.7% M/M, above the 1.0% consensus and April’s -2.2% (revised up from -2.4% initial). After IP data was supported by tariff frontloading in Q1, and April figures were weighed down by Liberation Day-induced uncertainty, the focus over the coming months will be on whether EZ industry can start to exhibit a more durable recovery.
- On an annual basis, production rose 3.7% Y/Y, but note that April’s reading was revised down to 0.2% from an initial 0.8%. In any case, this was the strongest annual print since September 2022.
- At a sub-component level, durable consumer goods fell for the second consecutive month (-1.9% M/M vs -0.4% prior). Meanwhile, nondurables rebounded 8.5% M/M after -5.7% in April. Capital goods also recovered somewhat, rising 2.7% M/M (vs -1.3% prior).
- As noted above, the volatility of Irish IP data was once again apparent in May, consistent with the ongoing US tariff policy uncertainty. Irish IP rose 12.4% M/M, after -12.5% M/M in April, +8.6% M/M in March and +12.6% M/M in February.
- Across the four major Eurozone economies, we have previously flagged mixed trends. Italian and French IP was weaker-than-expected in May, while Spanish and German figures were stronger than expected.
Looking ahead, industrial confidence remains subdued according to the EC’s sentiment survey (-12.0 in June vs -10.4 prior). However, the June manufacturing PMI inched up to a 34 month high of 49.5 (vs 49.4 in May).
