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Contrasting data

EUROZONE DATA
  • There have been some contrasting data points this morning with German factory sales showing their weakest month-on-month print since April 2020. Sales fell 3.7%M/M (only the second M/M fall since April 2020). Eurozone orders actually modestly rose with all of the weakness from foreign orders (possibly a slowdown in Chinese demand for German products?)
  • Spanish industrial output by contrast was at its highest level in 10-months, rising 4.3% M/M (see our data team's bullet at 8:00BST).
  • These data will increase attention on tomorrow's German industrial production data.
  • Note that later today we get the German ZEW data as well as Eurozone retail sales data.

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