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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.
ITALY DATA
MNI (London)
ITALY MAY SA IND OUTPUT+1.6% M/M (APR RVSD DN -2.0% M/M); WDA -3.7%Y/Y
- Italian industrial production posted a sturdy +1.6% m/m uptick in May, outpacing expectations of +0.6% m/m growth and rebounding from the -2.0% m/m contraction recorded in April.
- The m/m increase was broad-based across consumer, capital, intermediate and energy goods production.
- This broke a four-month streak of contractionary m/m prints in Italian production, yet the sector remains in troubled waters with the three-month rolling average firmly contractive at -1.8% 3m/3m, implying a drag on Q2 GDP.
- Recent PMI data has been especially downbeat, signalling the strongest decline since April 2021 in June and flagging acute weakness in demand conditions.
- Compared to 2022, May production remained down -3.7%.
- So far, the May IP data saw France and Spain surprise to the upside, while German data disappointed with a small contraction. Yet the Italian boost means that a better outcome than the +0.3% m/m pencilled in by consensus for the aggregate print (due Thurs) is likely.
Source: ISTAT
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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