Forexpros – Industrial production in Germany fell significantly more-than-expected in December, renewing concerns over the economic outlook of the euro zone’s biggest economy, official data showed on Tuesday.
In a report, Destatis, Germany’s federal statistical office said industrial production dropped by a seasonally adjusted 2.9% in December, disappointing expectations for a modest 0.1% decline.
Industrial production for November was revised up to a flat reading from a previously reported 0.6% decline.
German industrial production rose at an annualized rate of 0.9% in December, falling short of expectations for a 4.3% increase, after rising at a rate of 3.6% in November.
Following the release of the data, the euro was modestly lower against the U.S. dollar, with EUR/USD easing down 0.05% to trade at 1.3124.
Meanwhile, European stock markets held on to losses. The EURO STOXX 50 dipped 0.5%, France’s CAC 40 shed 0.4%, London’s FTSE 100 edged down 0.3%, while Germany’s DAX slumped 0.7%.
Forexpros
