MNI INTERVIEW: UK Borrowing For Investment Risky - OBR's Miles

MNI BRIEF: China Aug M1 Drops Further To Hit Record Low

MNI BRIEF: PBOC To Introduce Additional Measures For Economy

MNI BRIEF: Turkish Central Bank Sees Further Disinflation

CHINA YTD NEW LOANS CNY14.4 TRLN VS MEDIAN CNY14.6 TRLN: PBOC

MNI BRIEF: China To Extend Retirement Age

MNI: CANADA JUL WHOLESALE SALES +0.9%; EX-AUTOS +0.3%

MNI: US AUG IMPORT PRICES -0.3%

AUSTRALIA: Albanese Lines Up Budget for May Election

AUSTRALIA: Albanese Lines Up Budget for May Election

UK: Week Ahead

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

EUROZONE DATA: Industrial Production Higher than Exp: Driven by Belgium, Ireland

EUROZONE DATA
Credit BulletsCommoditiesData BulletEnergy BulletsEurozoneBulletPower BulletsGlobalFixed Income BulletsForeign Exchange BulletsRegionMarkets

Eurozone industrial production was higher than consensus expectations at -0.3% M/M in-line with MNI's tracking (vs -0.5% consensus, 0.0% revised prior from -0.1%). The annual reading was also higher than expected at -2.2% Y/Y (vs -2.4% consensus, -4.1% revised prior from -3.9%).

  • The reading is largely driven by Ireland and Belgium with the former seeing industrial production jump 9.2% M/M (vs a fall of 7.8% in June) - the highest reading since March 2023. Belgium recorded a 7.3% M/M increase reversing last month's 7.0% fall, and the highest sequential reading since September 2022.
  • We estimate Eurozone ex-Ireland industrial production in July to have fallen 1.1% M/M.
  • The largest five eurozone economies all saw negative IP growth in July. German industrial production in particular deteriorated 3.0% M/M - the second lowest reading since March 2022 and contributing around -1ppts to the EZ print. Meanwhile, Italy saw a fall of 0.9% M/M, Spain a decrease of 0.7%, France a reduction of 0.5% and the Netherlands a fall of 1.2%.
  • From a sectoral perspective, 3 of 5 sub-components fell. Intermediate goods fell 1.3% M/M (vs a rise of 0.6% in June after three consecutive months of decline). Capital goods also declined 1.6% M/M (vs an increase of 1.0% in June), as did durable consumer goods printing -2.8% M/M - reversing part of the 3.8% jump seen in June.
  • Meanwhile, energy production rose for the third consecutive month albeit at a softer pace than June printing 0.3% M/M (vs 1.7% prior), and non-durable consumer goods rose 1.8% M/M (vs -2.3% prior). 
     
252 words

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.

Eurozone industrial production was higher than consensus expectations at -0.3% M/M in-line with MNI's tracking (vs -0.5% consensus, 0.0% revised prior from -0.1%). The annual reading was also higher than expected at -2.2% Y/Y (vs -2.4% consensus, -4.1% revised prior from -3.9%).

  • The reading is largely driven by Ireland and Belgium with the former seeing industrial production jump 9.2% M/M (vs a fall of 7.8% in June) - the highest reading since March 2023. Belgium recorded a 7.3% M/M increase reversing last month's 7.0% fall, and the highest sequential reading since September 2022.
  • We estimate Eurozone ex-Ireland industrial production in July to have fallen 1.1% M/M.
  • The largest five eurozone economies all saw negative IP growth in July. German industrial production in particular deteriorated 3.0% M/M - the second lowest reading since March 2022 and contributing around -1ppts to the EZ print. Meanwhile, Italy saw a fall of 0.9% M/M, Spain a decrease of 0.7%, France a reduction of 0.5% and the Netherlands a fall of 1.2%.
  • From a sectoral perspective, 3 of 5 sub-components fell. Intermediate goods fell 1.3% M/M (vs a rise of 0.6% in June after three consecutive months of decline). Capital goods also declined 1.6% M/M (vs an increase of 1.0% in June), as did durable consumer goods printing -2.8% M/M - reversing part of the 3.8% jump seen in June.
  • Meanwhile, energy production rose for the third consecutive month albeit at a softer pace than June printing 0.3% M/M (vs 1.7% prior), and non-durable consumer goods rose 1.8% M/M (vs -2.3% prior).