Investing.com - Industrial production in Italy rose unexpectedly in May, rebounding from the previous month’s sharp drop, official data showed on Tuesday.
In a report, Istat, Italy’s federal statistical office said industrial production rose by a seasonally adjusted 0.8% in May, defying expectations for a modest 0.2% decline.
Industrial production in April was revised to a 2.0% drop from a previously reported 1.9% decline.
Italian industrial production dropped at an annualized rate of 6.9% in May, better than expectations for an 8.6% decline, after falling at a revised rate of 9.3% in April.
Following the release of the data, the euro remained mildly lower against the U.S. dollar, with EUR/USD shedding 0.19% to trade at 1.2289.
Meanwhile, European stock markets were broadly lower. Italy’s FTSE MIB fell 0.45%, the EURO STOXX 50 shed 0.2%, France’s CAC 40 dipped 0.15%, while Germany's DAX slumped 0.5%.
In a report, Istat, Italy’s federal statistical office said industrial production rose by a seasonally adjusted 0.8% in May, defying expectations for a modest 0.2% decline.
Industrial production in April was revised to a 2.0% drop from a previously reported 1.9% decline.
Italian industrial production dropped at an annualized rate of 6.9% in May, better than expectations for an 8.6% decline, after falling at a revised rate of 9.3% in April.
Following the release of the data, the euro remained mildly lower against the U.S. dollar, with EUR/USD shedding 0.19% to trade at 1.2289.
Meanwhile, European stock markets were broadly lower. Italy’s FTSE MIB fell 0.45%, the EURO STOXX 50 shed 0.2%, France’s CAC 40 dipped 0.15%, while Germany's DAX slumped 0.5%.