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MNI: EUROZONE DATA: Industrial Production (Feb.......>

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MNI: EUROZONE DATA: Industrial Production (Feb 2019) Preview - 10:00 BST
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- Bloomberg Consensus: -0.5% m/m, -0.9% y/y; MNI Median: -0.6% m/m, -1.0% y/y
- Previous (Jan): 1.4% m/m, -1.1% y/y
- Markets expect a monthly IP contraction for Feb, following the strongest gain
since Nov 2017 in Jan...
- ... driven mainly by energy (+2.4%) & non-durable consumer goods (+2.0%)...
- ...  with output of durable consumer goods (+1.1%), capital goods (+0.9%) &
intermediate goods (+0.2%) also rising
- Available national data for Feb has generally come in stronger than expected
- Germany saw a 0.7% m/m IP expansion, but this was purely
construction-driven...
- ... with manufacturing output falling for a second successive month
- France (+1.1% m/m) & Italy (+0.8% m/m) saw manufacturing output rise
- MNI thus sees upside risk to market forecasts for aggregate EZ IP, although a
negative m/m print remains likely

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