The decline in the Euro-zone's output is close to an end.

Why the Euro-zone's industrial output looks like it may decline for the fourteenth month, it looks like it is hitting bottom. Paul Hannon and Nicholas Winning at the Wall street Journal report "Markit Economics said Wednesday that its final euro-zone composite output index - a key gauge of private sector activity based on a survey of some 4,500 manufacturing and services firms - rose to 47.0 in July from 44.6 in June."

Japan's industrial output is up for four straight months in the biggest four month sure in fifty years.