MARKET MOVER - BNP PARIBAS - Investment Services India

Eurozone headline
The key eurozone economic indicators, on average,
surprised to the downside during July, for a third
month in a row. In terms of sub-components, upward
surprises in activity and inflation data were offset by
downward surprises in surveys and labour data over
the month.
Chart 4: Eurozone Surprise Indicator – Headline
Index
Source: Reuters EcoWin Pro, BNP Paribas SD from mean
Eurozone surveys
The main driver of the overall downward surprise in
July was weaker than expected surveys. Following
ten consecutive months of upward surprises, surveys
have surprised to the downside for the past three
months. Apart from German ZEW current conditions
and eurozone consumer sentiment, which were
stronger than market expectations, all surveys
included in our surprise indicator either surprised to
the downside or were in line with market
expectations in July.
Chart 5: Eurozone Surprise Indicator –
Biggest Mover: Surveys
Source: Reuters EcoWin Pro, BNP Paribas SD from mean
Chart 6: Eurozone Surprise Indicator –
One to Watch: Activity
Eurozone activity
Following six consecutive months of downward
surprise, activity data surprised to the upside in July.
Over the past year, activity data have surprised to
the upside only three times. During July, the overall
upward surprise was mainly driven by German
factory orders, trade balance and retail sales and
French industrial production.
Source: Reuters EcoWin Pro, BNP Paribas SD from mean
Gizem Kara 4 August 2011
Market Mover
26
www.GlobalMarkets.bnpparibas.com