In July, euro zone industrial production rebounded by 1.0% M/M, less than the expected 1.5% M/M increase. The details show that strength was based in capital (3.0% M/M) and durable consumer (2.9% M/M) goods and also production of intermediate goods rose in July, by 0.8% M/M. Production of energy (-0.8% M/M) and non-durable consumer (-0.6% M/M) goods dropped in July. National details show that production rose significantly in core EMU countries as Germany (4.1% M/M), France (1.6% M/M) and the Netherlands (3.5% M/M). But remarkable was that Greek (4.1% M/M) production rose sharply in July, and Irish production increased too (by 0.8% M/M). Portuguese (-3.0% M/M), Italian (-0.7% M/M) and Spanish (-0.7% M/M) data dragged the headline figure down. While the rebound in industrial production is encouraging and is unlikely to continue, as suggested by all kinds of survey data.