German industrial production surged in October after gaining 3.2 percent (month-on-month). The figure was higher than the forecasted 1.5 percent and the previous month's 1.6 percent. In yearly terms, it dropped by 2.68 percent, an improvement from the previous month's 6.59 percent contraction.
This improvement is being linked to the surge in car sales. The car industry's production surged by 10 percent during October, though still 6 points below pre-pandemic levels.
So far, 1,184,845 coronavirus cases have been reported in Germany, as well as 19,159 deaths. The situation is concerning, with several hospitals reaching full capacity. The German Health Ministry warned that there will likely be problems with vaccine distribution, mainly due to limited quantities.
By 8:47 GMT, the euro dropped by 0.16 percent against the US dollar, hitting the 1.2100 level.
China's Exports Surge
Chinese export levels rose by 21.1 percent in November after rising by 11.4 percent in the previous month, and surpassed expectations of 12 percent. Imports rose less than expected, increasing by 4.5 percent after climbing by 4.7 percent in the previous month, and failed to meet expectations of 4.7 percent.
The trade balance stood at $75.42 billion, higher than forecasts of $53.5 billion and the previous month's $58.44 billion.
Japan's Cabinet Office reported that the preliminary Leading Economic Index stood at 93.8 after being at 93.3 in the previous month. The preliminary Coincident Index for October stood at 89.7, after being at 84.8 in the previous month.