Risk continues its comeback this morning following optimistic comments from several Eurozone leaders, including Barroso, yesterday. While the 'will they, won't they default' story about Greece will no doubt continue to take up the headlines, we will also get plenty of economic data today led by U.S. Industrial Production and a couple of forward-loking regional Fed surveys.
Industrial Production unchanged in August? the disappointing - albeit better than expected - ISM Manufacturing Index for August, which printed 50.6, showed that manufacturing was practically flat in August and so it should come as no surprise that analysts expect a flat reading in today's Industrial Production report. Like we mentioned yesterday the 'hard data' for July could well be revised lower, which was indeed the case for Retail Sales and could also well be true for industrial output, which grew 0.9 percent in July according to the initial estimate (far surpassing the consensus forecast at the time of 0.5 percent).
