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In preparation for WMS's FQ4 earnings release Monday, we’ve put together the recent pertinent forward looking company commentary






  • “We believe that WMS has turned the corner on our efforts to restore growth in our gaming operations business. Looking out over the next few quarters, we expect our normalized flow of innovative new products for our product sales and participation operations scheduled to launch during the next 12 to 24 months.”
  • “I am excited by the prospects to reenergize our customer slot floors with the innovation and potential that will come with the launch of our first games, our next-generation CPU-NXT3 operating system…We are on track to commercialize this new operating system on the Sensory Immersion 2.0 platform, with initial approvals and the launch of the Aladdin & Magic Quest game in the latter part of the June quarter.”
  • “Another driver of revenue by the end of calendar 2012 will come from the expected launch of My Poker video poker platform.”
  • “We anticipate the placements of VLTs in Illinois and Italy, which we expect to begin in fiscal 2013, may result in a greater amount of operating leases, which will require gaming operations capital.”
  • “We also will have several exciting opportunities in fiscal 2013 provided by VLT markets. In addition to Alberta, where the lottery authorities expect to replace and ultimately upgrade the entire installed base of 7,000 VLTs, we also expect favorable opportunities from replacement VLT initiatives planned by other Western Canada Provincial Authorities.”
  • “Looking to fiscal 2013, we expect capital expenditures for property plant and equipment to decline as we'll complete two significant projects over the next few months.”
  • “In the June 2012 quarter, we expect to continue to demonstrate ongoing progress with a quarterly sequential improvement in revenues and operating margin over the March 2012 quarter.  Our rate of revenue improvement is less than what we expected earlier in the year. As a result, we expect total revenues in the June 2012 quarter to be modestly below year-ago June quarterly revenues, while our operating margin is expected to improve on a year-over-year basis, adjusting out the net impact of restructuring, impairment and other charges in the prior year.”
  • “We now have our wage net system connecting 1,280 gaming machines at 64 casinos worldwide generating a continued strong play performance.
  • “June quarter… it's likely that CapEx in gaming operations is going to be at or a little above what it was in Q3 as we now get to the point of – as we're incrementing the installed base:”
  • “Typically we see our Q4 ramping up to be our seasonally busiest quarter of the year. It goes Q4, Q3, Q2, Q1. And so I think April was a little bit softer than we would like in our gaming operations business. But our order book is building dramatically, so that offsets that.”


  • “Ongoing benefits from our cost containment and continuous improvement initiatives more than offset the roughly $1,100 decrease in average selling prices that primarily reflected a greater mix of lower priced VLT sales, the impact from higher discounts given on larger volume orders, fewer premium for sale units, and the continued impact of a competitive marketplace.”
  • “Our floor share for new casino openings this year is expected to be in the high teens”
  • “We expect over time to recapture ship share and reestablish our fair share of the market.”
  • “I would expect us to get back to more the mid-20%s here in fiscal 2013 based on the performance of our content and we're very excited”
  • “I would think that from a modeling standpoint, you'd probably want to use the last three quarters or so as a more typical ASP price going forward. I think given the competitive pressures, you're not going see us have great pricing leverage in the next two to three quarters, but I think it will be a more normalized run rate going forward, call it the $16,000 range.”
  • "We've had great success in getting game conversions out on the floor and by having those game conversions out and the high performance of those games, that's always a good metric and indicator for future game sales”
  • “I think that going forward, you're going to continue to see us be competitive with pricing. I wouldn't use the word aggressive but we're going to be competitive.”
  • “We have several premium for sale products coming out in fiscal 2013 that we hope will drive ASP. “
  • Q: “You shipped 759 of the 957 previously shipped games last quarter that you didn't recognize revenue on. Do you expect to recognize the balance of that in 4Q?
    • A: “Related to Maryland, we shipped the preponderance of the games for that opening in the March quarter and relative to the units that we still have yet to recognize revenue on, our belief is we will be able to recognize revenue on those in the fourth quarter.”


  • “With current open orders for now over 2,100 units and five new participation games expected to receive their regulatory approvals this quarter. and with our improving product performance, we expect further growth in the installed participation base and revenue per day in the June quarter and beyond.”
  • “We're confident that the unusually high number of refreshes in the last several quarters will moderate over the next several quarters and slowly return to more historical rates, which would lead to more incremental placements to increase the installed base.”
  • “This is the most prolific stable of products we've ever launched in any one quarter, this is fQ4. And I think, heading into Q1 of fiscal 2013, we're going to be back in business here and that's going to – we're going to have some tailwind for once.”
  • “We've had great success in some of our more fixed lease products in the last year. And so it's really a mix of business issue there as well.”


In preparation for CZR's 2Q earnings release Monday, we’ve put together the recent pertinent forward looking company commentary



Caesars, Rock Gaming Consortium Granted License to Operate Downtown Baltimore VLT Facility 

  • Harrah's Baltimore: $300MM investment, up to 3,750 VLTs  
  • Construction is expected to begin in the second quarter of 2013, with an opening targeted in the second quarter of 2014.



  • "We still had a healthy FIT customer base, but the channel that they're booking is more direct as opposed to through the OTAs and that's helpful in terms of the economics."
  • "What we hope to achieve is improving mix over time and that was like I said less of a reliance on wholesale operators which for us right now stands at 10% or less of our room nights, continuing to shift that mix into FIT and gaming customers and that's where we will drive RevPAR growth, not really through occupancy growth."
  • "In terms of thinking about RevPAR growth....  low to mid-single digit RevPAR growth and we'd be comfortable with that number."
  • [Midwest/South/International regions] "There is certainly room to increase those margins....Our margins should be able to grow even in the phase of flat revenues because of the delivery of the savings from our Project Renewal program."
    • "One element which drove improvement in Atlantic City was the elimination or severe reduction of our property taxes in that market and that will continue to deliver the benefit throughout the year and into next year as well."
    • "In managed international and other... our online business which is growing nicely is in that category, although London Clubs and Punta del Este as well as our managed properties are growing nicely."
  • "The environment in Atlantic City... continues to be challenging and we remain focused on modifying our cost structure there to realize appropriate returns."
  • [Revel impact]  "Our hypothesis is that it will marginally help the Showboat. It will hurt Bally's because Bally's is burdened by that much higher cost structure and then it will be a bit neutral on Harrah's Resort and Caesars Atlantic City, but we're not drawing any conclusions until we get into August and can kind of take stock about the way it performed in the summertime."
  • "We certainly may sell other assets in the future. I would not suggest that we would sell a business as large as Harrah's St. Louis."
  • "There will be online gaming here in Nevada by the end of the year and potentially some other states as well, and we're getting ready for that."
  • [Octavius Tower] "We expect to complete construction of the three additional ultra luxury villas later this year."
  • "The Linq will open in phases beginning in mid to late 2013. We'll begin to announce some of the tenants for this project in the next several months. O'Shea's will reopen with a prominent new space when the Linq is completed."
  • "In the second quarter, the Cleveland operation management fees will begin to flow into our managed regions. So over time, we expect the managed fees of our business to become a much more meaningful revenue source."



  • "We are optimistic is that we think that the rate environment in Las Vegas is  constructive and positive for the remainder of the year.
  • [Atlantic City taxes] "And the second was this refund of prior taxes paid, where we'll receive the cash in the future in the form of a reduced tax outlay."
  • "Nobu Tower will open at the end of 2012. Cost is $30 million with about 280 rooms"
  • [Online gaming] "I expect a favorable result in New Jersey, but probably not immediately. And in Nevada, of course, everything is in very good shape. We're in the process of licensure for our offering here in Nevada. So hopefully, that will be finished well before the end of the year."

HedgeyeRetail: Not An 'Equal Opportunity' Week

What a week! If there's anything we can say about earnings season thus far, is that the only stocks that were rewarded are those that beat on revenue. With such a poor Macro backdrop and so many companies missing, simple margin upside (especially if SG&A) was not enough. What we find comical is that there are so many companies that took all the credit for their success when Macro was favorable. Now they are blaming the environment on the way down. We won't name names.


HedgeyeRetail: Not An 'Equal Opportunity' Week - Earnings price action HERV

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CONCLUSION: Global GROWTH/INFLATION/POLICY dynamics are poised to incrementally deteriorate in 2H12, leaving bailout hopes or central planning speculation as the only factors in support of a bullish bias on “risky assets” from here. As we learned in late 2007/throughout 2008, those catalysts have the potential to leave a great deal of investors caught offsides.



With the inclusion of this morning’s ISM data, we’ve collected a broad swath of global PMI data for the month of JUL throughout this past week. Unfortunately for growth bulls, the data implies that the global growth outlook continues to deteriorate. In the chart below, we scatter plot the nominal PMI readings of various countries and economic blocs vs. the corresponding sequential delta. As the chart shows, global PMI readings generally slowed or showed outright contraction (or both) in the month of JUL. Moreover, weakness in the New Orders subcomponent in a handful of key surveys – including the US and China – lends credence to our view that global economic growth is poised to continue slowing over the intermediate term.





On the inflation front, we continue to view any incremental monetary easing out of the Federal Reserve (and incremental front-running of said easing in the commodities markets) as the key upside risk to global inflation figures over the intermediate term. One key point we highlight in the chart below is the fact that the global trend of reported disinflation is poised to come to a screeching halt in the JUL/AUG periods, largely due the waning trend of YoY commodity deflation, which peaked in JUN (generously holding current prices flat through year-end).




Looking ahead 3-6 months, incrementally less YoY deflation in the commodities markets will become a tailwind, on the margin, for rising CPI figures. While we do not necessarily see material upside to global inflation readings in 2H12, we are keen to flag this important change on the margin, which has dire policy implications as indicated in the next paragraph.



With global economic growth continuing to slow and reported inflation statistics poised to bottom and accelerate in 2H across many economies, the global economy is at risk of experiencing marginal stagflation (i.e. “Quad 3” in our proprietary G/I/P analysis) – an event that may serve to handcuff many central bankers globally.


Recall that heading into 2012, one of the predominant factors in the consensus bull thesis was a global trend of monetary easing – particularly in across the developing world. Arresting that trend or potentially pricing in tighter monetary policy on the margin will likely become a headwind to asset classes that rely on easy money and the associated speculation therein to appreciate. Look no further than the PBOC’s recent quarterly monetary policy report that suggested that “consumer inflation may rebound after August” for emerging confirmation of our view.


Additionally, we continue to anticipate that growing fear of the Fiscal Cliff and another Debt Ceiling showdown in the US has the potential to increasingly weigh on global financial markets as we get nearer to those catalysts. Refer to our 3Q12 Macro Theme titled, “The Cliff" for more details.


In the chart below, we run the Bloomberg-coagulated World Real GDP and CPI figures through our G/I/P screen and the outlook leaves much to be desired for bulls.




All told, global GROWTH/INFLATION/POLICY dynamics are poised to incrementally deteriorate in 2H12, leaving bailout hopes or central planning speculation as the only factors in support of a bullish bias on “risky assets” from here. As we learned in late 2007/throughout 2008, those catalysts have the potential to leave a great deal of investors caught offsides.


Darius Dale

Senior Analyst


The Economic Data calendar for the week of the 6th of August through the 10th is full of critical releases and events. Attached below is a snapshot of some (though far from all) of the headline numbers that we will be focused on.


THE WEEK AHEAD - weekahead

Weekly European Monitor: No “Whatever”

-- For specific questions on anything Europe, please contact me at to set up a call.


Positions in Europe: Long German Bunds (BUNL)


Asset Class Performance:

  • Equities:  The STOXX Europe 600 closed up +2.2% week-over-week vs +0.6% last week, in a week in which most of the move came on the Thursday/Friday rally of +2.4%. Top performers: Italy +3.9%; Switzerland +2.9%; Ukraine +2.9%; France +2.9%; UK +2.8%; Germany +2.6%; Netherlands +2.2%; Spain +2.1%; Greece +2.0%. Bottom performers: Cyprus -0.6%; Hungary -0.2%.
  • FX:  The EUR/USD is up +0.39% week-over-week vs +1.04% last week.  W/W Divergences:SEK/EUR +1.85%; PLN/EUR +1.63%; TRY/EUR +1.56%; HUF/EUR +1.11%; NOK/EUR +0.75%; CZK/EUR +0.39%; GBP/EUR -1.08%.
  • Fixed Income:  The 10YR yield for sovereigns across the region were mixed this week. Greece saw the largest decrease week-over-week by -182bps to 25.64%. But more important were the moves of Spain and Italy, up +18bps and +16bps to 6.99% and 6.09%, respectively. However, risk in the bond market came down in the week for these two countries, compared to last week, when Spain hit an all-time high of 7.58%!

In the ECB press conference yesterday, President Mario Draghi directly addressed the risk of rising yields across the periphery (without directly naming Spain and Italy) and went on to announce that the ECB “may undertake” non-standard measures, hinting at a reactivation of the SMP to buy bonds on the secondary market and a reengagement of the EFSF to buy bonds on the primary market, with focus on the short end of the yield curve. No target size of buying was mentioned beyond “size adequate to reach its objective” and the details of this buying is expected to be defined in the coming weeks.


What this spells is the willingness (one again) by central authorities to manipulate the Spanish and Italian bond markets.  We’ll be looking for further evidence of this buying and expect yields to make dramatic moves down alongside these expectations. 


Weekly European Monitor: No “Whatever” - ccc. yields



No “Whatever”

As we hit on in a note yesterday titled “No “Whatever”, No Bazooka at August ECB Presser!”, ECB President Mario Draghi did not deliver the drugs, aka the bazooka, following his statement last Thursday (7/26) that “within our mandate, the ECB is ready to do whatever it takes to preserve the euro,” adding, “believe me, it will be enough.”  


We were not surprised that Draghi under-delivered. As recently as 7/27 in response to Draghi’s “whatever” comment we wrote:


“The issue here, though, is that Draghi hints at possessing some bazooka that he’s been concealing for all this time.  We frankly don’t think there is one, particularly because we can’t envision what one grand bazooka would look like.“

We’re frankly disgusted with the political risk in Europe. While this is not a new development, Draghi’s mismanaged comments late last week add a further layer of disguise to Eurocrats and will continue to contribute to the extreme capital market volatility across Europe.  Keith brought this point home today in his Early Look titled "Sucker Economics":


1.   745AM EST (yesterday), Spanish stocks rip to the upside, +2% on the day, after the ECB decides not to cut rates, but plenty of print, tv, and radio pundits proclaim their faith that “it’s at 830AM that we get the good stuff.”


2.   835AM EST (yesterday), Spanish stock stop going up, and fast, as pundits comb the release looking for “hints” that the ECB really is going to deliver the drugs, like Bernanke was supposed to in the day prior.


3.   1130AM EST (yesterday), Spanish stocks close down -5.2% on the day, a 7% (not a typo) intraday reversal. Pundits feel shame.


Given this environment, we’ll work to keep you abreast of the most important calendar catalysts that we think large expectations will be built into.



Calendar Catalysts:


20 August - Greece has a payment of a €3.2B bond (held by the ECB) that matures. Payment is still being discussed.


September - Troika officials will return to Greece in September to complete their final assessment of the implementation of the bailout program. Could there be another debt restructuring?


12 September - Germany’s Constitutional Court rules on the constitutionality of the ESM and Fiscal Compact.


Late September - According to La Tribune, Moody's will evaluate the consequences of the Eurozone crisis on France's AAA rating by the end of Q3. We think a downgrade to AA is a real probability.


Mid October - There’s a possibility of a German Sovereign credit rating downgrade, especially should France be reduced by a notch beforehand.


29 & 31 October - Spain’s debt maturity schedule scares as the Treasury is bumping up against sovereign debt maturities of €20.27 of debt maturing on two days.


Much hangs on Germany’s Constitutional Court ruling on 12 September when it decides on the constitutionality of the ESM and Fiscal Compact. If Germany doesn’t pass the ESM, in particular, the ESM program is back to square one, and leaves the region further in stitch as the EFSF funding ticks down (and is massively undercapitalized to deal with potential sovereign and banking bailout needs/risks on the horizon). Please note that as of now, even if the German Court passes, there is no specific language governing the scope of the ESM, namely if it has a banking license, as the only clarity on the program is three vague paragraphs issued at the June 28-29 Summit Meeting.



Call Outs:


Germany - the Emnid poll for the Bild am Sonntag showed 51% of Germans believed that the economy would be better off without the euro, while 29% said it would be worse off, and 71% wanted Greece to leave the Eurozone if it did not live up to the conditions of its bailout package.


Germany - a survey by YouGov published in the Bild newspaper showed that only 33% of Germans still believe that Chancellor Merkel is making the right debt decisions when it comes to addressing the Eurozone sovereign debt crisis. However, a poll by ZDF-Politbarometer showed 63% of Germans backed Merkel's handling of the crisis, though a majority thought she should explain her policies better.


Spain - a Metroscopia poll published monthly in El Pais showed that support for Spanish Prime Minister Rajoy fell sharply in July after his government announced a €65B austerity package. The poll showed that if the general election was to take place now, the ruling People's Party would still win with a 30% share of the vote, though it would only retain a 5.3% advantage over the Socialist opposition, down from 15.9% in the November vote. It also showed that 80% of Spaniards now had little or no confidence in Rajoy.


Spain - Catalonia, Spain's most indebted region, said on Tuesday that it cannot pay subsidies in July to hospitals, old age homes, and other social services already hit by sharp budget cuts. A government spokeswoman said the inability to pay is due to a liquidity problem, but added that the situation is expected to normalize in September. While the government would not say how much money in grants it will not be able to pay, El Pais put the figure at €400M.


Spain - Spain's 17 semi-autonomous regions will have to comply with debt ceilings starting this year. Budget Minister Cristobal Montoro said all but four regions voted in favor of the debt limits, which average 15.6% of GDP this year and 16% in 2013. The regions had an aggregate debt-to-GDP ratio of 13.1% and a deficit of 3.3% in 2011. Several regional representatives told reporters yesterday that the new rules will force them to implement deeper budget cuts.


Italy - Italian Prime Minister Mario Monti said in an interview with Finnish daily Helsingin Sanomat that while Italy does not currently need assistance from its Eurozone partners, it may in the future need a "breathing break" from its high interest rates.


Spain - Standard & Poor's Ratings Services said Wednesday it is keeping Spain's long and short-term sovereign debt rating at BBB+/A-2 and the outlook negative.  


Germany - Standard & Poor's said that it had affirmed its unsolicited 'AAA' long-term and 'A-1+' short-term sovereign credit ratings on the Federal Republic of Germany. The outlook on the long-term rating remains stable.


Slovenia - Moody's credit agency downgraded Slovenia's creditworthiness by three notches from "A2" to "Baa2," which puts the country just two steps away from junk status.


Greece - the Greek government is expected to wrap up talks with troika officials on Sunday on the €11.5B in spending cuts over the next two years. The paper said that among the subjects that Finance Minister Yannis Stournaras will discuss with the troika are where else Greece will find more than €200M in savings so that it can avoid cuts to "special" salaries in the civil service and how it can make up a shortfall in revenues that would be caused by allowing Greeks to pay their income tax in installments.


IMF - said on Thursday that the Eurozone needs a "policy game changer" to stem the contagion from the debt crisis. The fund argued in a spillover report that "despite progress in the face of constraints, the sense is that not enough has been done to stop the spread of stresses and attenuate fiscal-growth-banking feedback loops". It added that in a worst-case scenario, Eurozone output could be cut by five percentage points if policymakers did not act and the crisis worsened.


Italy - Italian Prime Minister Monti's government won a confidence vote in the Senate to speed up the passage of more than €4B in spending cuts this year. Recall that the cuts, which are in addition to the €10.5B of cuts announced in an austerity package last December, would allow Italy to push out a planned VAT increase.



Risk Monitor:

Sovereign CDS were down across the peripheral countries this week. On a week-over-week basis Ireland declined the most, down -36bps to 495bps, followed by France -18bps to 154bps, Italy -17bps to 495bps, and Spain -10bps to 562bps.


Weekly European Monitor: No “Whatever” - ccc. cds   a


Weekly European Monitor: No “Whatever” - ccc. cds   b



Data Dump:


Weekly European Monitor: No “Whatever” - ccc. PMIs


Eurozone Business Climate Indicator -1.27 JUL (exp. -1.09) vs -0.95 JUN
Eurozone Consumer Confidence -21.5 JUL Final (exp. -21.6)

Eurozone Economic Confidence 87.9 JUL (exp. 88.9) vs 89.9 JUN

Eurozone Industrial Confidence -15.0 JUL (exp. -14) vs -12.8 JUN

Eurozone Services Confidence -8.5 JUL (exp. -8) vs -7.4 JUN

Eurozone Unemployment Rate 11.2% JUN vs 11.1% MAY, revised to 11.2%

Eurozone July preliminary CPI +2.4% y/y vs consensus +2.4% and prior +2.4%

Eurozone PPI 1.8% JUN Y/Y (exp. 1.9%) vs 2.3% MAY   [-0.5% JUN M/M (exp. -0.4%) vs -0.5% MAY]

Eurozone Retail Sales -1.2% JUN Y/Y (exp. -1.9%) vs -0.8% MAY   [0.1% JUN M/M (exp. -0.1%) vs 0.8% MAY]


Germany Retail Sales 2.9% JUN Y/Y (exp. 0.4%) vs -1.1% MAY   [-0.1% M/M (exp. 0.5%) vs -0.3% MAY]

Germany Unemployment Rate 6.8% JUL vs 6.8% JUN

Germany Unemployment Chg 7K JUL vs 7K JUN


France Producer Prices 1.3% JUN /Y (exp. 2.1%) vs 2.1% MAY

France Consumer Spending 0.2% JUN Y/Y (exp. 0.4%) vs 0.5% MAY


UK GfK Consumer Confidence -29 JUL vs -29 JUN

UK Nationwide House Prices -2.6% JUL Y/Y (exp. -1.9%) vs -1.5% JUN   [-0.7% JUL M/M (exp. -0.2%) vs -0.6% JUN]

UK M4 Money Supply -5.2% JUN Y/Y vs -4.1% MAY

UK PMI Construction 50.9 JUL (exp. 48.7) vs 48.2 JUN


Italy CPI 3.7% JUL Prelim Y/Y vs 3.6% JUN

Italy PPI 2.2% JUN Y/Y vs 2.3% MAY

Italy Unemployment Rate 10.8% JUN Prelim vs 10.6% MAY


Spain Q2 GDP Prelim -0.4% Q/Q (exp. -0.4%) vs -0.3% in Q1   [-1.0% y/y (exp. -1.0%) vs -0.4% in Q1]

Spain Total Housing Permits -32.6% MAY Y/Y vs -32.4% APR

Spain CPI 2.2% JUL Prelim Y/Y (exp. 1.8%) vs 1.8% JUN

Spain Retail Sales -4.3% JUN Y/Y vs -4.3% MAY


Sweden Q2 GDP Prelim 1.4% Q/Q (exp. 0.2%) vs 0.9% in Q1   [2.3% Y/Y (exp. 0.6%) vs 1.5% in Q1]

Switzerland PMI Manufacturing 48.6 JUL (exp. 47) vs 48.1 JUN


Portugal Consumer Confidence -50.4 JUL vs -51.5 JUN

Portugal Economic Climate Indicator -4.4 JUL vs -4.4 JUN

Portugal Industrial Production -4.4% JUN Y/Y vs -6.7% MAY

Portugal Retail Sales -5.2% JUN Y/Y vs -4.4% MAY

Ireland Unemployment Rate 14.8% JUL vs 14.8% JUN


Denmark Unemployment Rate 6.3% JUN vs 6.2% MAY

Belgium Unemployment Rate 7.2% JUN vs 7.1% MAY

Belgium CPI 2.32% JUL Y/Y vs 2.26% JUN


Greece Retail Sales -9.2% MAY Y/Y vs -11.4% APR


Russia Consumer Prices 5.6% JUL Y/Y (exp. 5.8%) vs 4.3% JUN

Romania Producer Prices 5.8% JUN Y/Y vs 6.7% MAY

Romania Retail Sales 4.0% JUN Y/Y vs 5.6% MAY

Turkey CPI 9.07% JUL Y/Y vs 8.87% JUN

Turkey PPI 6.13% JUL Y/Y vs 6.44% JUN



Interest Rate Decisions:


(8/2) BOE UNCH at 0.50% and Asset Purchase Program on HOLD at £375 Billion

(8/2) ECB UNCH at 0.75%

(8/2) Romania Interest Rate Announcement UNCH at 5.25%

(8/2) Czech Republic Announcement UNCH at 0.50%



The Week Ahead:


Sunday - Jul. UK Lloyds Employment Confidence


Monday - Aug. Eurozone Sentix Investor Confidence; Jul. UK BRC Sales Like-For-Like, New Car Registrations; Jul. Greece Consumer Price Index


Tuesday - Jun. Germany Factory Orders; Jul. UK NIESR GDP Estimate; Jun. UK Industrial Production, Manufacturing Production; Jun. Italy Industrial Production; 2Q Italy GDP - Preliminary


Wednesday - Jun. Germany Exports, Imports, Current Account, Trade Balance, Industrial Production; BoE Inflation Report; Jul. BoF Business Sentiment; Jun. France Trade Balance; Jun. Spain Industrial Output


Thursday - Aug. ECB Publishes Monthly Report; Jun. UK Trade Balance; Jun. Spain House Transactions; Jun. Italy Trade Balance; Jun. Greece Industrial Production; May Greece Unemployment Rate


Friday - Jul. Germany Consumer Price Index – Final; Jun. France Industrial Production, Central Government Balance, Manufacturing Production; Jul. UK PPI Input, PPI Output; Jul. Italy CPI - Final


Matthew Hedrick

Senior Analyst

Early Look

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