CHART OF THE DAY: Eurozone Industrial Production Comes Off Cycle Low

Across the pond this morning, we saw Eurozone Industrial Production come in at -1.2% Y/Y, which was better than expectations of -4.2% Y/Y and represented the first sequential acceleration in quite some time. Additionally, UK inflation of +6.8% Y/Y was in-line with expectations but better than the previous period of +7.9% and marks the fourth sequential deceleration.