EU50 Bullish Sentiment: France & Italy reported stronger than expected gains in June Industrial Production (+19.6% m/m and +42.1% m/m respectively) although output remains significantly below levels seen at the start of the year. The DAX is up 22% in USD terms over the past three months while the Euro Stoxx 50 index is up 16.5%. I think signs of increasing flows into unhedged European ETFs as sentiment is driven on better management of the COVID-19 situation and a smoother economic rebound should EU50 & EUR-Positive.