MNI: FRANCE DATA: Industrial Production (May 2019)...>

MNI: FRANCE DATA: Industrial Production (May 2019) Preview - 07:45 BST

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- Bloomberg Consensus: 0.3% m/m, 1.6% y/y; MNI Median: 0.4% m/m, 1.6% y/y

- Previous (Apr): 0.4% m/m, 1.1% y/y

- Markets look for a further small monthly rise in French industrial production

in May, after it expanded by 0.4% m/m in Apr

- However, Apr's rise was principally due to a 3.3% m/m surge in energy prod

- ...while construction fell for a 2nd month running - and by a substantial 2.3%

- Core manufacturing output was thus flat in April, as a further drop in

intermediate & capital goods offset a rebound in the consumer goods sector

- The French manufacturing PMI rose steadily through Q2 to settle at a

nine-month high of 51.9 in Jun... 

- ... suggesting output could continue to expand steadily in the coming months 

- However, other surveys provide less reassuring signals... 

- ... Insee's Jun bus conf survey, for example, showed manufacturing sentiment

slipping by 2pts, while the equivalent BoF index slumped to a 6-year low