Economic news-flow from Europe is not uniformly downbeat. Eurozone industrial production rose by 1.0% MoM in March, following a downwardly revised 0.3% MoM gain in February. Industrial production therefore expanded modestly by 0.2% QoQ in QI on QIV 2012 levels.
The German ZEW survey also held roughly stable in May. The current situation balance inched lower to 8.9 from 9.2, the forwardlooking economic sentiment reading inched higher to 36.4 from 36.3. The softening of the survey observed in March and April appears to have halted for a month. It remains to be seen whether this pattern is replicated in other top-tier European business surveys next week.
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Commonwealth Bank