14 Jan 2016
Euro area industrial production tumbles - ANZ
FXStreet (Delhi) – Research Team at ANZ, notes that as flagged by last week's German and French reports, last night's euro area industrial production release for November was much weaker than expected.
Key Quotes
“IP fell by 0.7% m/m (-0.3% m/m expected), reversing the 0.8% m/m rise in October. The decline was largely driven by a sharp 4.3% m/m drop in energy production – a similar story to what we saw in yesterday's UK numbers. Recall that oil prices fell around 10% in November, and the warmer-than-seasonal weather restrained demand for energy. Durable goods production was also poor, falling 1.9% m/m. Given the well-watched trend of weak activity in global manufacturing production, these data have had little market impact.”
Key Quotes
“IP fell by 0.7% m/m (-0.3% m/m expected), reversing the 0.8% m/m rise in October. The decline was largely driven by a sharp 4.3% m/m drop in energy production – a similar story to what we saw in yesterday's UK numbers. Recall that oil prices fell around 10% in November, and the warmer-than-seasonal weather restrained demand for energy. Durable goods production was also poor, falling 1.9% m/m. Given the well-watched trend of weak activity in global manufacturing production, these data have had little market impact.”