EZ: manufacturing sector remains healthy - Scotiabank

Analysts at Scotiabank explained the key data events for the EZ overnight.

Key Quotes:

"Eurozone PMI data were finalized slightly weaker than the preliminary reports (manufacturing at 56.6 in Jul, down from 56.8 in the initial reading)."

"The broader undertone of the manufacturing sector remains healthy, however, and Eurozone Q2 GDP rose 0.6% Q/Q (+2.1% Y/Y, similar to the US rate of growth), up from +0.5% in Q1, suggesting the broader undertone in the economy is improving."

"Positive activity data will bolster expectations that the ECB will move to reduce extra-ordinary support for the Eurozone economy later this year."