Italy reported a considerably stronger than expected June industrial production report that will lift expectations for Q2 GDP, which will be reported in a week's time (0.4-0.5%). Flattered by transportation and energy, Italian industrial output jumped 1.1% in June. The market had been looking for around a 0.2% gain. It follows a 0.7% rise in May.
Industrial production rose an average of 0.5% a month in Q2 after falling 0.3% a month in Q1. Q3 comparisons may be difficult as last year Italy posted some strong increases. Still, the favorable news follows on the heels of better than expected employment and retail sales data.
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