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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.
FRANCE DATA
MNI (London)
FRANCE MAY INDUSTRIAL PROD +1.2% M/M (FCST -0.2%); APR +0.8% M/M
FRANCE MAY INDUSTRIAL PROD +2.6% Y/Y (FCST +0.6%); APR +1.7%r Y/Y
- Kicking off the round of major eurozone May IP data, French industrial production beat expectations, posting a healthy +1.2% m/m increase against expectations of a -0.2% m/m contraction.
- With strikes at refineries easing, coking and refining production jumped markedly by +45.1% m/m (after +22.1% in April). Further rebounds were recorded in auto (+5.8% after -1.7%) and agro-food industries (+1.5% after -0.5%).
- Barring a pronounced June contraction, French IP now looks likely to post a positive contribution to Q2 q/q GDP.
- At +2.6% y/y, 2023 June IP was substantially stronger than this time in 2022.
- Yet Insee flagged that certain energy-intensive branches continue to struggle with high energy prices. March to May production for steel was down -19.1% y/y, paper down -24.2% y/y and chemicals down -13.1% y/y.
- The French manufacturing PMI has been in contractive territory since January, and continually deteriorating new orders imply a negative outlook for the industry in months to come.
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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