Down again, and you can see from the chart that it’s most recently gone flat after ramping up a bit:


Just another index that headed south after the collapse in oil capex:

The euro area current account surplus continues to trend higher:

Euro Area Current Account

The current account surplus in the Eurozone came in at €15.4 billion in May of 2016 compared to an €8.4 billion surplus a year earlier. The goods surplus widened 16 percent to €31.1 billion while the services one narrowed slightly by 1.3 percent to €7.5 billion. In addition, the primary income deficit fell 8.6 percent to €14.8 billion and the secondary income gap decreased 14.1 percent to €8.5 billion. If adjusted for seasonal factors, the Eurozone current account surplus narrowed to €30.8 billion euros in May from a record high of €36.4 billion in April.