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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 printed slightly above expectations at +0.9% Y/Y in April (vs +0.7% consensus,, +0.7% prior), making it the highest since November 2023. On a monthly basis, it also outperformed printing +0.5% M/M (vs +0.3% consensus, -0.2% revised prior from -0.3%).
- The improvement was driven by manufacturing production (which accounts for over 80% of industrial production). This component rose +0.4% M/M (vs +0.3% M/M consensus; albeit from only three analysts, -0.4% revised prior from -0.5%).
- Within manufacturing production, there was an improvement in 3 of 5 subcomponents. In particular, 'Other industrial products' increased +0.9% M/M (from +0.4% in March), capital goods also saw a jump up to +2.3% M/M (vs -1.3% prior), and 'coking and fining' production decline slowed to -0.6% M/M (vs -4.7% prior).
- The press release highlights "production of the last three months ( February to April 2024) is higher than that of the same three months of the previous year in the manufacturing industry".
- The press release highlights that 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 much lower. Most notably for steel (-27.7%) and basic chemicals (-12.6%).
- Other than manufacturing products, the main extractive industries, energy and water production areas saw an improvement of +1.2% M/M (vs +0.7% prior) - the second consecutive monthly increase.
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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