Industrial Production (Apr 2020) -....>

EUROZONE DATA: Industrial Production (Apr 2020) - Preview

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- EZ IP: -20.0% m/m, -29.5% y/y; -11.3% m/m, -12.9% y/y 

- EZ IP was already trending down in 2018 and 2019 before it collapsed in Mar

due to the Covid-19 crisis. 

- Output fell by 11.3% m/m and markets project another fall to -20.0% in Apr,

while y/y production is seen at -29.5%. 

- Already available state-level data is in line with market forecasts: 

- German IP collapsed by almost 18%, while Spanish output plunged by 21.8% and

France's industrial sector contracted by 20.1% in Apr. 

- The EZ mfg PMI rebounded in May, rising by 5.9pt, but new orders and output

still fell sharply. 

- The European Commission's ESI ticked up after collapsing in Apr. 

- Most European countries gradually opened up in May, hence EZ IP is likely to

improve in the coming months, although at slow pace.