Editor’s Note: With so much market volatility, stay on top of daily news! Get caught up in minutes with our speedy summary of today’s must-read news and expert opinions. Sign up here!
(Wallace Refiners) – Industrial production has fallen by 1.6% (m/m) in the euro area and 1.2%. Compared to the last year down by 0.8% and 0.4% compared with December 2019 (y/y).
In terms of specifics, the report said, month on month (Dec vs Nov) production of capital goods fell by 3.1% and non-durable consumer goods by 0.6%, while production of durable consumer goods rose by 0.8%, intermediate goods by 1.0% and energy by 1.4%.
Among the member states, for which data are available, the largest decreases were registered in Hungary (-2.5%), Belgium (-1.9%) and Finland (-0.9%). The highest increases were observed in Denmark (+2.4%), Portugal (+1.8%), Estonia and Luxembourg (both +1.6%). This data is interesting in terms of which nation has suffered the biggest fallout or lagging effect from the COVID-19 outbreak.
Importantly looking at the fine details, Germany managed to improve by 0.2% M/M vs Novembers increase of 1.3%. Any increase at the moment is positive as the top EU nation (in terms of GDP) is currently in lockdown. The restrictions were due to end at the end of February but they have recently been extended to March.
Disclaimer: The views expressed in this article are those of the author and may not reflect those of Wallace Precious Metals The author has made every effort to ensure accuracy of information provided; however, neither Wallace Precious Metals nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Wallace Precious Metals and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.
