Italy joins the trend of EU members with weak IP in July. The UK and Germany are already there. For Italy the weakness is broad-based. Consumer goods output remains negative. Intermediate goods output also remains negative and is moving further in that direction. Only capital goods output is still positive but hovering at a weak rate of growth. The weakening in the Euro area encapsulates its largest and strongest economy, Germany, plus one of its large but weaker members, Italy. It is hard to tell how much it will spread. And we have yet to see what all the financial disturbances will do to growth in September and beyond.