Industrial Production (Jan 2020) .....>

EUROZONE DATA: Industrial Production (Jan 2020) 

-------------------------------------------------------------- 

- EZ IP: 2.3% m/m, -1.9% y/y (vs. Bbg consensus +1.5% m/m, -2.9% y/y) 

- Monthly IP rose by 2.3% in Jan, beating market forecasts of an uptick to 1.5%

and marking the first increase since Aug 2019 

- This leaves the y/y at a two-month high of -1.9% following Dec's drop to -3.6%

- Jan's m/m rise was driven by a sharp increase in intermediate goods (3.2%)

followed by capital goods (2.6%). 

- While non-durable consumer (0.8%) and durable consumer (0.7%) goods increased

m/m, energy (-0.1%) was the only category to see a monthly decline 

- Ireland (5.7%), Slovakia (4.5%) and Greece (4.0%) saw the largest m/m gains,

while Latvia (-1.9%) and Lithuania (-1.8%) posted the biggest falls. 

- Jan result in line with surveys showing a pick-up in the month, which extended

into early Feb at least.

- However, the surveys don't capture the outbreak of the virus in Europe and

might look different in Mar.