Just-released macro data for the eurozone provides both a look in the rear-view mirror as well as a view through the side window. And the picture we are seeing is one of fading industrial resilience and stark divergence across the eurozone. The look in the rear-view mirror shows a relatively resilient eurozone economy in the second quarter, after the US frontloading boost in the first quarter. GDP growth was confirmed at 0.1% quarter-on-quarter, from 0.6% QoQ in the first quarter. However, the eurozone economy is anything but synchronised currently, with GDP growth ranging from -1% QoQ in Ireland and -0.1% QoQ in ... (full story)