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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.
FRANCE DATA
France Industrial Production came in below expectations at +0.7% Y/Y in March (+1.4% Y/Y consensus, -0.6% Y/Y revised prior from -0.8% Y/Y), although taking it back to similar levels to January 2024. On a monthly basis, it also underwhelmed at -0.3% M/M (vs +0.3% M/M consensus, +0.2% M/M prior)
- The downturn was driven by manufacturing production (which accounts for over 80% weighting of industrial production) which fell 0.5% M/M (vs +0.2% M/M consensus; albeit from only four analysts, +1.0% M/M revised prior).
- Within manufacturing production, there was a reduction in 4 of 5 subcomponents. In particular, 'agri-food industries' fell 0.4% M/M (from +1.3% M/M in February), 'coking and refining' fell 4.6% M/M (from +8.6% M/M prior), 'Fab of capital goods' fell 1.1% M/M - the first fall since December 2023, and 'other industrial products' fell 0.8% M/M (+1.4% M/M prior).
- The press release highlights due to higher energy costs relative to Q2-21 (i.e. before they were impacted by the Russian invasion of Ukraine), production in energy-intensive manufacturing is still much lower. Most notably for steel (25% lower) and basic chemicals (-12.6%).
- Other than manufacturing produce, the main extractive industries, energy and water production areas saw an improvement of +0.7% M/M (vs -3.8% M/M prior).
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.
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