Bankinter : Industrial Production falls more than expected in September and remains in negative territory for the fifth consecutive month. Industrial Production (September) falls -1.4% m/m against -0.1% expected and -0.1% previous (revised from -0.2%). By items: Manufacturing & Mining -1.7%; Intermediate Goods -1.9%; Capital Goods -0.2%; Consumer Goods (-4.9%); Energy -1.7%; Construction 0%.
Assessment: Again, another bad Industrial Production reading, one that will once again fuel fears of a prolonged recession in Germany. The ECB’s recent decision to pause rate hikes is consistent with this data.
