Positive monthly data, Japan deal not a game-changer

Recent euro-zone data releases have generally been encouraging, supporting our view that GDP growth picked up from 0.4% in Q1 to 0.5% in Q2. Meanwhile, the EU-Japan trade deal, signed this week, is unlikely to have a significant macroeconomic effect. Next week, the ECB will take centre stage but we doubt that it will make any policy changes.

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