Weak energy and consumer goods prices in February saw Italy's industrial production falling 0.60% in February, erasing the gains from the previous month. Data released by Istat yesterday showed that energy prices fell 2.90% on a month over month basis while consumer goods fell 0.50% with non-durable goods declining 0.70% but were offset by durable goods which expanded 1.20% for the reported month. On a yearly basis, Italy's industrial production increased 1.20% but missed expectations of a 1.50% increase. January's numbers were also revised lower to 1.70% from the initially reported 1.90% increase. Last week, Italy cut its growth forecasts for 2016 and 2017 and expects its economy to grow 1.20% and 1.40% respectively, down from previously estimated 1.60% growth.
Gold Back Above $1,250 on Safe Haven Demand
Daily Analysis - 12/04/2016