Spanish Industrial Production Growth Slows from 5 % yoy to 3.1%

A

ASusilovic

Industrial production in Spain rose 3.1% year-on-year in June, slower than the 5% increase in the previous month, statistical office INE said on Thursday.

By economic destination of goods, all sub-sectors showed growth, with intermediate goods leading the rise. Energy output jumped 4.2% mainly due to higher production in oil refineries.

On a calendar adjusted basis, industrial production was up 3%, slower than the 3.2% increase in May.

Region-wise, industrial production recorded steep rises in Navarra and Extremadura. The Balearic Islands recorded the biggest fall in output.

A survey of manufacturing companies released earlier in the week showed a further improvement in manufacturing conditions. The Markit manufacturing purchasing managers’ index - an indicator of health at 400 manufacturing companies across Spain - rose to 51.6 in July from 51.2 in the previous month. A reading above 50 indicates expansion while one below suggests contraction.

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http://www.dailymarkets.com/releases/2010/08/04/spanish-industrial-production-growth-slows/

If you ask yourself why the Euro is weaker today...
 
Spanish Treasuries auction:

3,500 millions (>6,000 millions bid) @ 2.3% vs. 3.4% previous auction.

In case you're wondering why it's going up :D :p

Plus Germany's factory orders beating forecasts.

ECB interest rate decision at 7:45 EST (a non-event, barring some huge surprise) and notre ami Trichet speaking at 8:30, right after Jobless Claims (in case you're wondering WTF the euro is doing)

Thanks for the heads up, Asus
 
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