GERMAN DATA: Industrial Production......>

GERMAN DATA: GERMAN DATA: Industrial Production (Mar 2020) Preview - 0700GMT

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- Bloomberg Consensus: -7.0% m/m, -8.4% y/y; Prev (Feb): +0.3% m/m, -1.2% y/y 

- March IP is forecast to slump by 7.0% on a m/m basis, giving back all and more

of the gains seen so far in 2020, extending the downswing seen through 2019. 

- Factory orders surged in Jan but eased in Feb before plunging by 7.0% in Mar. 

- Overall, weak industrial orders in the last couple of months suggest a bleak

outlook for production going ahead. 

- Destatis noted a strong connection between the truck toll mileage index - an

experimental data series -- and German IP. 

- The truck toll mileage index fell by 5.9% m/m in Mar which was the largest

drop since records began - a similar fall was only seen in 2009. 

- The mfg PMI dropped to the lowest level since Mar 2009, with only a surge in

Supplier Delivery times preventing further falls. 

- The Ifo business climate index for the industrial sector slipped to the lowest

level since the financial crisis with expectations extremely pessimistic