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Eurozone Industrial Production -...........>

EUROZONE
EUROZONE: Eurozone Industrial Production - Potential for Downside Surprise?
Market consensus points to a 0.6% m/m rebound in Euro Area IP in August (Due
10:00 BST).
- Given past records, a negative data surprise is possible (See MNI 5 THINGS:
Analysts May Be Overbaking Aug EZ IP Rise).
- Over the past 10 yrs, analysts have overestimated August headline euro area
m/m IP five times (av. data surprise: -0.8pp).
- Eurozone state data is mixed for August.
- German production fell 0.3% m/m in August.
- IP growth in France slowed 0.5pp to 0.3% m/m against the 0.1% m/m consensus
forecast.
- Italian IP expanded 1.7% m/m in August, fastest in eight months, higher than
the 0.8% m/m forecast.

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