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TD Securities analysts note that the German industrial production was just a touch below consensus at +0.3% m/m in May, but much stronger than what was suggested by last week’s poor factory orders report.

Key Quotes

“Coming on the back of the -2.0% fall in April, IP is still on track for a -1.4% q/q contraction in Q2, which would be its weakest quarter since Q4 2012.”