US production impacted by hurricanes, but sustained activity in business equipment
US: Industrial production (Oct.): 0.1% m/m vs 0.2% expected (prior: 0.2% revised from 0.3%)
- Activity in utility and mining has contracted over the month due to hurricanes, while activity in manufacturing was firmer, up by 0.3% m/m.
- Within manufacturing, production of autos was down by 2.8% m/m, but it has accelerated for machinery; production ex-auto was up by 0.5% m/m after 0.2% m/m the prior month.
- Except autos and energy, activity stayed firm in business equipment and construction, this bodes well for Q4 growth.
Eurozone: CPI (Oct.): 0.2% m/m as expected (prior: 0.46%)
- Inflation has been confirmed, being up by 2.2% y/y on headline and up by 1.1% y/y on core data. Services were up by 1.5% y/y.
Germany: Wholesale price (Oct.): 0.3% m/m (prior: 0.4%)
- Prices were up by 4% y/y after 3.5% y/y the prior month.
Italy: Industrial orders (Sept.): -2.9% m/m (prior: 4.9%)
- Foreign orders have sharply declined, while domestic orders were flat. Industrial sales were flat over the month after a 1.3% m/m rise the prior month.
- Trend in industry remains weak and fragile given major political uncertainties.
Russia: Industrial production (Oct.): 3.7% y/y vs 2.3% expected (prior: 2.1%)
- Production in mining stayed on a sustained trend, and activity in manufacturing has rebounded during the month.
Turkey: Industrial production (Sept.): -2.7% m/m vs 0.3% expected (prior: -1.1%)
- Production has fallen in all major sectors over the month.
- Trend remains negative for production, except in energy.