Good Morning from #Germany, where industrial production just saw its sharpest drop in almost a year – a sign that the economy may have shrunk more than expected in Q2. In June, output fell by 1.9% MoM, led by declines in machinery, pharmaceuticals, and food production – a much steeper fall than economists had forecast. On top of that, May figures were quietly revised down to show a slight contraction. Altogether, this means that industrial output dropped by 1% in Q2, adding pressure on the already fragile outlook for Europe’s largest economy.