Forexpros – Industrial production in the euro zone rose for the first time in three months in May, but the previous month’s figure was revised lower, official data showed on Wednesday.
In a report, Eurostat, the European statistics agency said industrial production rose by a seasonally adjusted 0.6% in May, defying expectations for a 0.1% decline.
Industrial production for April was revised down to a 1.1% drop from a previously reported decline of 0.8%.
Year-on-year, industrial production fell at an annualized rate of 2.8% in May, after dropping at a rate of 2.4% in the previous month. Analysts had expected industrial production to decline at an annualized rate of 3.2%.
Following the release of the data, the euro remained mildly lower against the U.S. dollar, with EUR/USD shedding 0.23% to trade at 1.2213.
Meanwhile, European stock markets remained broadly lower. The EURO STOXX 50 fell 0.7%, France’s CAC 40 dipped 0.45%, Germany’s DAX tumbled 1.1%, while London’s FTSE 100 declined 0.8%.
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