EUROZONE DATA: Credit Suisse strategists note that the -2.5% m-o-m decline in
eurozone Industrial output in September (vs MNI median at -1.9%) was the largest
since Janaury 2009. The data “continue to highlight the post OMT announcement
weakness in both core and peripheral Europe. Initial Q3 GDP data (more out
Thursday) showed Portugal weaker than expected at -0.8% and Greece down -7.2%
y-o-y, “which our economists estimate translates into a fall of 1.1% q-o-q,”
they say. Wednesday’s data sets continue to suggest the need for “significant
policy support from the ECB,” which is consistent with their view for a lower
euro despite “a backdrop of stable sovereign markets.”