Germany: Downside surprise in industrial production data – TDS

Analysts at TD Securities note that the German IP disappointed sharply to the downside this morning, with headline IP falling 1.9% m/m in November (mkt: +0.3%, TD: -1.0%).

Key Quotes

“The manufacturing component fell 1.8% m/m. Details were disappointing across the board, with declines in almost all categories, but it was consumer goods that led the way (-4.1% m/m), partly driven by weaker energy production. Motor vehicle production fell only slightly (-1.3% m/m).”