Italy’s July Industrial Production -0.7% m/m (expected -0.3%; last 0.5%); -2.1% yr/yr (expected -1.7%; last -0.7%)
The European Central Bank will meet later this week and expectations for a hawkish pause are being solidified.
The European Commission’s summer economic forecast lowered the 2023 growth outlook for the eurozone to 0.8% from 1.1% while Germany’s forecast was lowered to -0.4% from +0.2%.
Standard & Poor’s affirmed Portugal’s BBB+ rating and raised the outlook to Positive from Stable.