Ireland bucking wider industrial trends - Yesterday industrial data for June from the UK, Italy, Netherlands, Germany and Ireland were all released. Factory orders slumped by 8% yoy in Germany in June, while production volumes fell by 8% yoy in Italy, 4% yoy in the UK and 2% yoy in the Netherlands. Data later in the week is expected to confirm that industrial volumes are also contracting in Spain, Greece and France. In contrast, production volumes in Ireland actually grew by 9% yoy in June and were ahead by 5% yoy in the second quarter. Furthermore, the Irish manufacturing PMI is the only to be in positive territory in the euro area (see chart attached).