Eurozone recovery at risk as industrial output falls.

Eurozone industrial production returned to contraction in July, tumbling to -1.5% on month from +0.6% in June and missing consensus of +0.1%. You can't even blame the region's famously long summer holidays, as output fell 2.1% on year vs -0.4% in June. Italian production also slumped. The worse-than-expected figures bring into doubt the sustainability of the eurozone's nascent recovery and are somewhat in contrast to more upbeat PMI data. EU shares were mostly lower at the time of writing, while the euro was -0.2% at $1.3284.