10 Mar 2015
Italy IP undermines Q4’s improving trend, French IP stronger – BBH
FXStreet (Barcelona) - The Brown Brothers Harriman Team reviews the industrial production data releases in France and Italy, noting that the Italian IP saw the largest decline since September, decline 0.7% while consensus expected a 0.2% gain.
Key Quotes
“French industrial output was stronger than expected in January, rising 0.4% instead of falling by 0.3% as the consensus expected. However, this was marred by the 0.1% decline in manufacturing output, which was expected to have risen by as much. It was the third monthly decline over the past four months.”
“A bright spot is the auto sector, where output tuned positive in December (0.6%) and accelerated in January (1.4%).”
“It is difficult to find the bright spot in Italy's industrial production report. It fell 0.7% in January. That is its largest decline since last September. The market had anticipated a 0.2% increase.”
“On a workday adjusted basis, industrial production fell 2.2% from a year ago, which also undermines an improving trend seen in Q4.”
Key Quotes
“French industrial output was stronger than expected in January, rising 0.4% instead of falling by 0.3% as the consensus expected. However, this was marred by the 0.1% decline in manufacturing output, which was expected to have risen by as much. It was the third monthly decline over the past four months.”
“A bright spot is the auto sector, where output tuned positive in December (0.6%) and accelerated in January (1.4%).”
“It is difficult to find the bright spot in Italy's industrial production report. It fell 0.7% in January. That is its largest decline since last September. The market had anticipated a 0.2% increase.”
“On a workday adjusted basis, industrial production fell 2.2% from a year ago, which also undermines an improving trend seen in Q4.”