In recent monthly comments, Chief Strategist David Bakkegaard Karsbøl has described how he expected the industrial production in particular EU countries to slacken somewhat as we approach New Year.
This is about to happen, and he now sees the PMI index reflecting a perceived lack of domestic demand. PMI data is based on a survey among the employees of companies that are responsible for purchasing. The sluggish autumn is due to the fact that, about six months ago, industrial production became too high compared to overall retail sales, thereby filling stock levels.
Read the full monthly comment for September here.