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Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
EUROZONE DATA
MNI (London)
EUROZONE OCT INDUSTRIAL PROD. -2.0% M/M (FCST -1.5%); SEP +0.8%r M/M
EUROZONE OCT INDUSTRIAL PROD. +3.4% Y/Y (FCST +3.3%); SEP +5.1% Y/Y
- Eurozone industrial production recorded a -2.0% m/m contraction in October, 0.5pp sharper than consensus and a substantial drop from the +0.8% m/m expansion recorded in September.
- The sharp -10.7% m/m plunge in volatile Irish data implies that euro area IP was slightly less weak than the headline print suggests.
- Compared to 2021 levels, industrial production remains elevated at +3.4% y/y.
- In October, energy production slumped by -3.9% m/m, followed by durable consumer goods (-1.9%), intermediate goods (-1.3%), and capital goods (-0.6%). Only non-durable consumer goods remained expansionary, rising slightly at +0.3% m/m.
- Persistently high energy prices and falling new orders as flagged by PMI data has signalled contractionary production since July, which has fed into falling production in today's data.
- Improved production outlooks due to easing supply in the automotive industry are seen buffering IP, yet are unlikely to shield the euro area from an industrial recession into year-end.
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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