While we await the European opening session and further news flow out of the Eurozone, India reports rather depressing industrial production figures. Rate cuts ahead. Bloomberg reports;
India’s industrial production shrank in October for the first time in more than two years, sending stocks and the rupee lower and bond yields to a two-month low.
Output at factories, utilities and mines fell 5.1 percent from a year earlier after a revised 2 percent gain in September, the Central Statistical Office said in a statement in New Delhi today. That’s the first decline since June 2009 and compares with the median estimate for a 0.7 percent drop in a Bloomberg News survey of 24 economists.