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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.
EUROZONE DATA
MNI (London)
EUROZONE MAR INDUST PROD -4.1% M/M (FCST -2.8%); FEB +1.5% M/M
EUROZONE MAR INDUST PROD -1.4% Y/Y (FCST ); FEB +2.0% Y/Y
- Euro area industrial production contracted more than anticipated in March, falling -4.1% m/m. This was 1.3pp worse than consensus expectations and undoing two consecutive months of m/m growth.
- This was the strongest m/m contraction since the onset of the pandemic in 2020, however is substantially skewed by volatility in Irish data (-26.3% m/m in March) which is exposed to large shifts in multi-national pricing. Our calculations point towards a softer contraction of approx. -1.5% m/m when excluding Irish data and reweighting the remaining country indexes.
- Capital goods production led the decline in March, sliding a marked -15.4% m/m (likely reflecting the Irish contraction). Further contractions were recorded across intermediates (-1.6% m/m), energy (-0.9% m/m), nondurables (-0.8%) whilst consumer durables rose +2.8% m/m.
- Compared to March 2022, production was down -1.4% y/y. PMI data continues to signal that overall outlooks for the industry remain lacklustre, with declining new orders and clouded demand outlooks weighing on sentiment.
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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