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Industrial production data: German weak, UK strong – TDS

FXStreet (Delhi) – Paul Fage, Senior Emerging Markets Strategist at TD Securities, suggest that we had a mixed industrial production numbers with Germany posting weak and UK posting a surprisingly strong numbers.

Key Quotes

“German industrial production came in weak as expected, with the monthly decline showing -1.2% versus our expectations of -1.5% and consensus of +0.2% m/m. Unusual timing of seasonal auto plant shutdowns is one of the main drivers of this decline – we saw seasonally adjusted auto production fall 22% in August and rebound 15% in September, suggesting that we should see a bounce back in German IP next month.”

“Industrial production in the manufacturing sector surprised on the upside this morning, posting a gain of 0.5% m/m against consensus of 0.3%. Strength in the manufacturing sector came from car production, which increased sharply in August on seasonal shifts in summer shutdowns. The headline IP number was also boosted by energy sector production.”

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