German industrial production may have edged up

German industrial production (IP), out on 8 June, is expected to have risen 0.1% m/m (up 0.6% y/y) in April (consensus expects 0.6% m/m, 0.9% y/y), after a decline of 0.5% m/m (+0.1% y/y) in March. Industrial production has been subdued so far this year, with manufacturing losing momentum over the past couple of months; services have also slowed according to the purchasing managers index (PMI). The IFO expectations index has also reversed lower, with higher energy costs and concerns over Greece possible culprits for the softening confidence.