German industrial production tumbles for second straight month

  • by Ahmed Mamdouh
  • September 7, 2018, 1:29 AM
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German industrial production plunged for a second straight month in July as the trade tensions between the U.S. and Europe resulted in drop in both manufacturing confidence and factory orders.

Industrial output in Europe’s biggest economy tumbled 1.1. percent in July from an upwardly revised of 0.7 percent fall. Analysts had predicted a 0.2 percent increase.

Overseas sales from Germany slipped 0.9 percent, the most since February, and the trade surplus the trade surplus narrowed.

In France, industrial production climbed 0.7 percent in July after a similar soar a month earlier, beating forecasts of 0.2 percent surge.

As of 08:27 GMT, the euro traded higher at $1.1646, preparing for a weekly gain ahead of the awaited U.S. non-farm payrolls report later in the day.

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