MNI China Daily Summary: Friday, January 10

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FRANCE DATA: France IP Firmer Than Expected; Vehicle Production M/M Strengthens

FRANCE DATA
CEEMEAEurozoneData BulletFranceBulletPower BulletsMarketsFixed Income BulletsForeign Exchange Bullets

France Industrial Production was firmer than expected in November at 0.2% M/M (vs -0.1% consensus, -0.3% revised prior from -0.1%) - the first positive sequential print after two consecutive months of decline, and -1.1% Y/Y (vs -1.3% consensus, -0.9% revised prior from -0.6%) - though the annual reading has worsened for the third successive month.

  • The increase was driven by a combination of both manufacturing and 'extractive industries' production rising. The former increased 0.2% M/M, after two negative prints in Sep and Oct. Extractive industries production rose a marginal 0.1% M/M (after a fall of 1.0% in October), and also saw the first increase following two consecutive months of decline.
  • Within manufacturing, manufacture of transport equipment production jumped up 3.8% M/M (compared to falling 2.6% in October) - the highest print since February 2023, with manufacture of vehicles increasing a solid 5.8% M/M (vs -3.4% prior). This upside was restricted by a fall of 0.7% M/M in the manufacture of capital goods (although that follows a +1.5% print in Oct) and agri-food production of 0.7% M/M (from 1.5% and -0.4% in Oct).
  • Coking and refining production was relatively stable at 0.1% M/M (after a 4.7% increase in Oct).
  • Manufacture of other industrial products was flat M/M (versus -0.2% in Oct), with textile, clothing, leather and footwear production decreasing -4.6% M/M (vs +3.3% prior) - the largest decline since May 2024, though this component has been quite volatile in recent times.
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France Industrial Production was firmer than expected in November at 0.2% M/M (vs -0.1% consensus, -0.3% revised prior from -0.1%) - the first positive sequential print after two consecutive months of decline, and -1.1% Y/Y (vs -1.3% consensus, -0.9% revised prior from -0.6%) - though the annual reading has worsened for the third successive month.

  • The increase was driven by a combination of both manufacturing and 'extractive industries' production rising. The former increased 0.2% M/M, after two negative prints in Sep and Oct. Extractive industries production rose a marginal 0.1% M/M (after a fall of 1.0% in October), and also saw the first increase following two consecutive months of decline.
  • Within manufacturing, manufacture of transport equipment production jumped up 3.8% M/M (compared to falling 2.6% in October) - the highest print since February 2023, with manufacture of vehicles increasing a solid 5.8% M/M (vs -3.4% prior). This upside was restricted by a fall of 0.7% M/M in the manufacture of capital goods (although that follows a +1.5% print in Oct) and agri-food production of 0.7% M/M (from 1.5% and -0.4% in Oct).
  • Coking and refining production was relatively stable at 0.1% M/M (after a 4.7% increase in Oct).
  • Manufacture of other industrial products was flat M/M (versus -0.2% in Oct), with textile, clothing, leather and footwear production decreasing -4.6% M/M (vs +3.3% prior) - the largest decline since May 2024, though this component has been quite volatile in recent times.
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