Det går nedad for tysk industri. Industriproduktionen i oktober nærmede sig stagnation og tilbagegang, og der er risiko for en meget barsk tid for hele den tyske industri.
Uddrag fra ING:
A bad start to the fourth quarter. Industrial production disappointed in October, dropping by 1.7% month-on-month, from -0.6% in September. On the year, industrial production was down by 5.3%. Production of investment goods fell by 4.4% MoM while the production of consumer goods increased by 0.3%. What is worse, production in the construction sector fell by 2.8%. Today’s data suggests that the German economy is continuing to flirt with stagnation and contraction in the final quarter of the year.
Looking ahead, both soft and hard indicators bode ill for industrial activity in the months ahead. Production expectations show very tentative signs of stabilisation at low levels but order books are still shrinking and inventories remain high. Trade conflicts, global uncertainty and disruption in the automotive industry have put the entire German industry in a headlock, from which it is hard to escape.