Eurozone: Focus on industrial production figures – Wells Fargo
|Analysts at Wells Fargo explain that unlike the United Kingdom, industrial production in the Eurozone has been accelerating of late, reaching 3.2 percent year-over-year in July.
Key Quotes
“Encouragingly, although the July monthly gain was just 0.1 percent, output in cyclically-sensitive industries such as capital goods and durable consumer goods rose 0.8 percent and 0.7 percent, respectively. The gains have coincided with a continued improvement in the survey data; the purchasing managers index for Eurozone manufacturers touched 58.1 in September, the highest reading since February 2011.”
“In the policy statement that followed its September meeting, the Governing Council of the European Central Bank acknowledged that the economic expansion in the euro area “continues to be solid and broad-based across countries and sectors.” We look for the Governing Council to announce a further reduction in its monthly asset purchase rate at its October 26 meeting.”
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