Euro area June IP growth likely to post at 1.5% yoy with strength from Germany and France

National data, accounting for around 90% of global euro area industrial production growth is awaited.  

"Taking into account the forecasts for Germany, France, Italy and Spain and assuming that the other countries' industrial production grew at the same pace as the the average of the last twelve months, a 0.1% mom increase is expected in industrial production for June", says Societe Generale.

Increases in IP in June are forecasted for Germany and France (both by 0.4% mom). On the other hand, Italy's industrial production is expected to remain flat in June (0.0% mom), and Spain's to decrease by 0.7%.

Therefore in June, Germany and France should be the main contributors to positive growth, while Spain should be the main countries inducing weakness.