Germany: Weak industrial production data - TDS

Analysts at TD Securities note that German IP fell by -0.9% m/m in June, a bit softer than consensus of -0.5% but in line with the downside that was indicated by yesterday's factory orders report.

Key Quotes

“Details showed declines in manufacturing (-0.8%) and construction (-3.2%), but with a gain in energy production (+2.9%). This still leaves IP up 0.4% q/q in Q2, so adding ever so slightly to GDP growth.”