European Data Preview July 10:
European Data Preview July 10: Today's data calendar will bring a production numbers from France, Italy and the U.K. which also has trade data. France releases the final reading of June HICP, but the focus in the Eurozone will be on German ZEW investor confidence. Analysts expect U.K. industrial production to rebound by 0.5% m/m (median same) after contracting by 0.8% m/m in the month prior, and analysts see the narrower manufacturing output figure rising 0.8% m/m after declining by 1.4% m/m in April. The final reading of French HICP inflation meanwhile is expected to confirm the headline rate at 2.1%. While ongoing political uncertainty and risks of an escalating trade war have weighed on some confidence measures, there is some room for an upside surprise in the German ZEW reading after the strong orders and production data and analysts expect the index contracted less than the markets fear and forecast the overall July investor sentiment reading at -17.2 (median -19.0) down from -16.1 in June, and confirming that pessimists still outnumber optimists.