Italian industrial production increased 0.3% MoM (vs 0.2% MoM expected) but was down -1.5% YoY. Manufacturing production is down -2.3% YoY with large declines in machinery (-6.2% YoY) and transport equipment (-13.8% YoY) production. The headline reading is partly being held up by strong electricity & gas (+7.6% YoY) and mining & quarrying (+3.8% YoY) production.