Eurozone growth seen at 0.5% q/q in Q3 - HSBC

Analysts at HSBC offer their thoughts on what to expect from the Eurozone flash Q3 GDP data due on the cards later today at 10 GMT.

Key Quotes:

“Throughout Q3, survey data have been pointing to a continuation of the solid growth momentum in the Eurozone.

According to the survey provider, the composite PMIs were consistent with quarterly growth on 0.7% q-o-q in Q3. We think this might be slightly optimistic and see Eurozone growth at 0.5% q-o-q in Q3, corresponding to an annual growth rate of 2.3%.

However, the strong industrial production print in August (1.4% m-o-m) - if confirmed in September - could add 0.2-0.3pp to the quarterly growth rate, indicating a clear upside risk to our forecast.”