Germany: Manufacturing production and headline IP falls - TDS

Research Team at TDS, notes that both German manufacturing production and headline IP fell 0.5% m/m in February, coming in better than expected and confirming our upside risks.

Key Quotes

“The weakness was fairly broad based, but following an exceptionally strong January (though revised down from 3.3% m/m to 2.3% m/m), some payback isn’t a big surprise. Only the construction (1.3%) and intermediate goods (0.1%) components managed to post gains on the month. Energy production was particularly weak, at -1.8% m/m, but has been very volatile in recent months.”