Investing.com – Industrial production in the euro zone declined unexpectedly in October, falling for the second consecutive month, official data showed on Wednesday.
In a report, Eurostat, the European statistics agency said industrial production fell by a seasonally adjusted 0.1% in October, confounding expectations for a 0.1% increase.
Industrial production dropped by an unrevised 2.0% in September.
Year-on-year, industrial production rose at an annualized rate of 1.3% in October, after climbing at a rate of 2.2% in the previous month. Analysts had expected industrial production to rise at an annualized rate of 2.4%.
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD edging 0.15% higher to trade at 1.3057.
Meanwhile, European stock markets were broadly lower. The EURO STOXX 50 slumped 0.45%, France’s CAC 40 fell 0.9%, Germany's DAX dropped 0.6% higher, while the FTSE 100 declined 0.5%.
In a report, Eurostat, the European statistics agency said industrial production fell by a seasonally adjusted 0.1% in October, confounding expectations for a 0.1% increase.
Industrial production dropped by an unrevised 2.0% in September.
Year-on-year, industrial production rose at an annualized rate of 1.3% in October, after climbing at a rate of 2.2% in the previous month. Analysts had expected industrial production to rise at an annualized rate of 2.4%.
Following the release of the data, the euro held on to gains against the U.S. dollar, with EUR/USD edging 0.15% higher to trade at 1.3057.
Meanwhile, European stock markets were broadly lower. The EURO STOXX 50 slumped 0.45%, France’s CAC 40 fell 0.9%, Germany's DAX dropped 0.6% higher, while the FTSE 100 declined 0.5%.