Germany June industrial manufacturing -1.9% vs -Zero.5% m/m anticipated

• Prior +1.2%; revised to -Zero.1%

The report right here is way worse than what the headline suggests, with an enormous draw back revision to the Could estimate as properly. The additional decline in output in June now sees manufacturing within the manufacturing sector attain its lowest degree since Could 2020. Ouch. On the sharp revision decrease to Could, the German stats workplace notes that this is because of “corrective studies from some corporations within the automotive trade”. The one saving grace as soon as once more is that this pertains to Q2 knowledge, so markets have largely moved on from that already.

This text was written by Justin Low at investinglive.com.