EZ Aug Industrial production boosted by....>

EMU DATA: EZ Aug Industrial production boosted by durable consumers goods,

energy

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Industrial production in the Euro-Area grew by 1% m/m in August- above the

median estimate of 0.4% significantly. This also bucks the trend of analysts

over-estimating the m/m number in August by an average of 0.8pp. Driving the m/m

growth was a 1.2pp move in energy growth to 1.9% and a 3.4pp rise in durable

consumer goods to 1.5% in August. As MNI analysis highlighted, Italy's bounce

back from -1.6% m/m previously to 1.7%, as well as France beating expectations,

was likely to boost the IP reading which was also aided by Germany coming in

flat compared to an initial -0.3% m/m reading. All five sub-sectors recorded

positive m/m growth in August, juxtaposing July where intermediate goods,

durable and non-durable consumer goods declined. The y/y growth rate of 0.9% was

up from July's reading of 0.3%, however it remains below the six-month average

of of 1.95%. Within the EU19 countries, Malta and Ireland had the strongest m/m

reading of 9.9% and 8.0% respectively.