Italian economy starting to accelerate meaningfully

Consistent with the high level reached by Markit's factory PMI during the month of May (57.1, the highest since the beginning of 2011).

The Italian national statistical institute (Istat) likely to report that industrial activity growth, nationwide, was very positive in May (+0.9% mom), more than offsetting the modest 0.3% drop recorded in April (which is, besides, likely to be revised upwards according to our statistical tools), says Societe Generale. Industrial production is arguably one of the best metrics to track GDP growth. 

"As such, our projection would be consistent with GDP increasing by 0.5/0.6% qoq during the second quarter 2015, a touch above our last-published projection", said Societe Generale in a report on Monday.