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

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MNI: GERMAN DATA: Industrial Production (Mar 2019) Preview - 07:00 BST
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- Bloomberg Consensus: -0.5% m/m, -2.6% y/y; MNI Median: -0.5% m/m, -2.5% y/y
- Previous (Feb): 0.7% m/m, -0.4% y/y
- Despite a projected moderation in Mar, industrial production will likely
register its first quarterly gain in Q1 since Q2 2018...
- ... bolstered by robust construction output (which surged by 6.8% m/m in Feb
after a 0.9% rise in Jan)
- Excluding energy & construction, production declined m/m in both Jan (-0.5%) &
Feb (-0.2%)
- In terms of sub-sectors, capital goods saw stronger output in Feb (+0.6%), but
this was offset by falls in intermediate (-0.6%) & consumer (-1.6%) goods
- Forward-looking indicators, including gloomy business surveys (manufacturing
PMI, Ifo) and weak manufacturing orders (down 4.1% q/q in Q1)...
- ... paint a downbeat picture and suggest that any hopes of a Q2 industrial
turnaround are premature

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