Industrial Production (Dec 2019) .....>

EUROZONE DATA: Industrial Production (Dec 2019) 

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- EZ IP: -2.1% m/m, -4.1% y/y (vs. Bbg consensus -2.0% m/m, -2.5% y/y) 

- December saw monthly IP plummeted to the lowest level since Feb 2016 after

Nov's downwardly revised flat reading 

- This leaves the annual rate at a twelve-month low, a fourteenth straight

yearly decline 

- Dec's m/m fall was driven by a sharp drop in capital goods (-4.0%) followed by

intermediate goods (-1.7%), non-durable consumer goods (-1.3%), durable consumer

goods (-1.1%) and energy (-0.5%) 

- Among the member states, the largest monthly decline has been registered in

Ireland (-6.2%), France (-2.9%) and Italy (-2.7%) 

- Against that, Portugal (2.9%), Greece (+2.5%) and Luxembourg (1.7%) posted the

biggest m/m gains in Dec.

- Industrial production coming in weaker than expected creates a downside risk

for Friday's release of the EZ's flash GDP (prelim flash Q4 was 0.1%)