Thursday 07th November 2019 - 09:17 (GMT)
Figures released by the Statistiches Bundesmant have indicated Germany's industrial production dropped by 0.6% month-over-month in September of 2019, compared to market forecasts of a 0.4% fall and after an upwardly revised 0.4% rise in the previous month.
The decrease was mainly due to lower output in both intermediate (-1.3%) and consumer goods (-0.5%). In contrast, production rose for capital goods (1.5%), energy (2%) and construction (1.8%).
Manufacturing is the most important sector within Europe’s biggest economy and the numbers above will cast some shadows of doubt over the EU’s ability to sustain growth forecasts over Q4 2029.
The Euro has found some level of stabilisation above €1.15 versus the pound and above 1.10 against the dollar in recent weeks.
Elsewhere, Christine Lagarde, the managing director of the International Monetary Fund (IMF) and former finance minister of France, is being touted as a possible replacement for Mario Draghi, the former president of the European Central Bank (ECB). The EU is expected to announce its decision before the end of the year.
