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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
Data released today showed Eurozone Industrial Production came below expectations in October at -0.7% M/M (vs -0.3% consensus, -1.0% prior) - the 4th M/M decline in the past 5 months. It also disappointed Y/Y at -6.6% Y/Y (vs -4.5% consensus, -6.8% prior).
- On a monthly basis, intermediate goods (-0.6% M/M), Capital goods (-1.4% M/M), and Non-durable consumer goods (-0.6% M/M) contributed to the fall. Whilst, Energy (+1.1% M/M) and Durable Consumer goods (+0.2% M/M) rose slightly.
- On an annual basis, all sub-components remained on a downturn, although energy’s rate of decrease has fell sharply to -0.5% Y/Y (vs -6.0% prior) – the smallest fall this year so far.
- Among member states, Ireland skewed data down printing at -7% M/M (vs -2.2% prior) and -34.0% Y/Y.
- Important to note that although Y/Y this is the lowest reading this year so far for Ireland, Ireland data has been very volatile and CSO Ireland is carrying out a review of the seasonal adjustment methodology for industrial production.
- Excluding Ireland, the M/M decline was closer to 0.3% M/M, better than the 0.7% eurozone-wide print, but the weakness was broad-based. The Netherlands contributed the most (ex-Ireland) to the decline production with the largest Y/Y fall since April 2023 printing at -11.1% Y/Y and -2.1% M/M - the third consecutive M/M fall.
- For the first time this year all 5 of the largest euro economies reported negative M/M results, with: Germany printing -0.1% M/M, Italy at -0.2% M/M, France at -0.3% M/M and Spain at -0.6% M/M.
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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