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Euro zone's mixed bag of data

Wednesday, August 12, 2015 - 01:38

A raft of data out of the euro zone shows a mixed picture as industrial output fell more than expected. Hayley Platt looks at the winners and losers.

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A further slump from Germany's factories dragged down the rest of Europe in June. Industrial output in the 19 countries that share the euro fell more than expected by 0.4 percent although it was still up on the year. France and Italy as well as Germany all fell markedly. While the rate of decline also slowed in Ireland and Greece. Finland, the Netherlands, Slovakia and Spain all faired better. IG's Chris Beauchamp. SOUNDBITE (English) CHRIS BEAUCHAMP, SENIOR MARKET ANALYST, IG, SAYING: "I think the Greek crisis meant that European growth took a bit of a knock and that will take time to recover but certainly the euro zone is in much better shape than it was just a year ago. The ECB QE has done its job and continues to do its job." Britain's economy looks to be in better shape. Wages are still growing although a little slower in June. Unemployment remained steady at 5.6 percent after an unexpected rise the previous month. And consumers are continuing to benefit from lower oil prices. SOUNDBITE (English) CHRIS BEAUCHAMP, SENIOR MARKET ANALYST, IG, SAYING: "With the election out of the way, with that uncertainty removed, people are still continuing to look fairly confidently at the prospects of the UK economy, while GDP growth might come back slightly, I still expect it to continue to post fairly healthy growth into the end of this year." It was a mixed picture for France. The euro zone's second largest economy posted its highest monthly current account surplus in almost four years. While strong sales of foreign cars and military equipment helped France narrow its deficit in June to its lowest level since mid-2009. And separate data showed that industrial production was unexpectedly weaker that month.

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Euro zone's mixed bag of data

Wednesday, August 12, 2015 - 01:38