The European Central Bank will make its policy statement on July 22 at 14:45 MT (GMT+3).
Euro zone industry output is suppressed by Italy and France
In March, euro zone industrial output headed south for a second month in a row due to the fact that output slumped in Italy and France, although revived in the EU’s number one economy - Germany. That’s what data from the EU’s statistics agency revealed on Tuesday.
According to Eurostat, output in the 19 members of the European Union headed south by about 0.3% on the month, which happens to be in line with market hopes, and also by 0.6% year-on-year.
March’ dive followed a 0.1% tumble of the industrial output in February that Eurostat updated upwards from its previously forecast of a 0.2% dive.
However, the first quarter of 2019 was still positive due to the 2 rally reported in January.
In fact, output was suppressed mostly by a 1.0% tumble in non-durable consumer goods, in particular, toothpaste or food because retail sales came to a halt in the EU in March.
Aside from that, output of durable consumer goods, in particular fridges or cars, tumbled by about 0.7% on the month, indicating managers' hopes for a rebound in sales of more expensive items.
Germany's first positive month in the year didn’t appear to be enough to compensate marked doves of output in Italy and France, the EU’s third and second economies, ending up with an overall negative outcome for the euro zone.
The EU’s number one economy, Germany, reported a 0.4% jump, following two monthly dives in a row.
However, output went down by 1.0% in France as well as by 0.9% in Italy. The dives followed jumps in the two previous months in both EU members.
US Advance quarterly GDP is announced on April 29 at 15:30 MT time.
The USD skyrocketed after Fed Powell’s speech. OPEC and allied producers agreed to extend production cuts for another month. Oil surged.
This week Apple, Microsoft, Google, Facebook, Pfizer, and other large US companies will deliver earnings reports…
The overall market sentiment is risk-on. The S&P 500 index (US 500) is getting close to the all-time high. Oil is recovering quickly from its recent losses.
What will happen? The FOMC statement will be published at 21:00 MT (GMT+3) on Wednesday, July 28…