November 10, 2022 09:37 GMT
Weak IP Prints Add to EZ Woes
ITALY SEP SA IND OUTPUT -1.8% M/M (FCST -1.5%); AUG +2.3% M/M
ITALY SEP IND OUTPUT WDA -0.5% Y/Y(FCST +1.0); AUG +2.9% Y/Y
- Italian industrial production contracted more sharply than anticipated in September, falling by -1.8% m./m and -0.5% y/y following robust growth in August.
- Capital and consumer goods production was largely flat, whilst intermediate and energy goods contracted by -2.7% m/m and -1.8% m/m. Italian industry is anticipated to be a downward pull on growth into year-end, in line with the PMI sliding further into contractive territory since July. Weak demand is feeding into sharp declines in output and new orders, leaving outlooks remaining gloomy.
- Eurozone aggregate industrial production is due on Monday, which will see a small boost from the upside surprise in German data, which signalled buoyant consumer goods and capital goods production. The contractions recorded across France, Italy and Spain will largely outweigh this, leading to a substantial slowdown for the bloc in September.
Keep reading...Show less