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NRW confirms correct data

GERMAN DATA
  • NRW website now corrects the top of the press release to read: "As reported by Information and Technology North Rhine-Westphalia as the State Statistical Office, the price index rose by 1.0 percent compared to the previous month."
  • So to clarify the 0.1%M/M reported by other news vendors is incorrect - the correct number is the 1.0%M/M number that we posted earlier. The error from the other vendors was a mistake in the press release PDF.
  • Bunds now through their low of the day, trading below 131.20.
  • So to reiterate our earlier comment: The national non-HICP print is expected by consensus to be +0.5%M/M with the Y/Y falling from 8.7% to 8.5% (a 2 tenth decrease). So this number of +1.0%M/M and a 2 tenth increase in the Y/Y print would be consistent with a beat in the German national print later (assuming the other states see similar surprises).

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