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MNI: GERMAN DATA: Industrial Production (Apr 2019)...>

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MNI: GERMAN DATA: Industrial Production (Apr 2019) Preview - 07:00 BST
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- Bloomberg Consensus: -0.5% m/m, -0.4% y/y; MNI Median: -0.5% m/m, -0.5% y/y
- Previous (Mar): 0.5% m/m, -0.9% y/y
- After increasing by 0.5% q/q in Q1 (following a 1.0% q/q contraction in Q4)...
- ... markets expect a weak start to Q2, with output expected to decline for the
first time since Jan 
- Robust construction output (boosted by milder-than-usual weather) was a key
driver of the first quarter rise in IP
- With construction unlikely to make as strong a contribution this quarter, and
core manufacturing still struggling amid weak external demand...
- ... German IP looks on course for a weaker quarterly performance in Q2 
- Forward-looking indicators support these expectations...
- Industrial orders slumped by 4.1% q/q in Q1, boding poorly for output ahead
- Meanwhile, the German manufacturing PMI stood at 44.3 in May (down from an
already-weak 44.4 in Apr) - one of its lowest readings since mid-2012

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