EUROZONE DATA
Eurozone November industrial production was in-line with consensus and our tracking estimate at 0.2% M/M. The October reading was also revised up to 0.2% M/M from flat (as we had estimated). We estimate IP excluding Ireland grew between 0.7-0.8% M/M, a solid rebound from -0.2% in October.
- All five subcomponents rose M/M (this hasn't happened in the last 6 months), with four of the five accelerating from the October reading.
- Energy production bounced 1.1% M/M (vs -1.3% in Oct) - the highest monthly growth since June 2024.
- Similarly, durable consumer goods production increased 1.5% M/M (from -1.6% in Oct), and non-durable consumer goods production rose marginally by 0.1% (after falling 2.4% in Oct).
- Intermediate goods saw production rise a further 0.5% M/M following growth of 0.3% in Oct.
- Capital goods, whilst also recording growth at 0.5% M/M in November, moderated after October's solid rise of 1.7% - the lowest reading since June 2024.
- For more on the country breakdown see our preview bullet (EUROZONE DATA: Industrial Production Ex-Ireland Set To Rebound In Nov, 14 January).
- The underlying member country positive performance points to a potential rebound in Q4 quarterly IP after two successive quarterly declines, though PMI data remains weak with composite PMI remaining below 50.
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