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A pretty punishing pullback.

Italian industrial production contracted at its fastest pace since the eurozone crisis as the start of the year, reversing a steady three-month run of gains in the bloc’s third largest economy.

Production fell by a worse than expected 2.3 per cent on a month on month basis in January (forecast: -0.8 per cent) after Italy ended 2016 notching up its best pace of GDP growth since 2011. It was the biggest monthly drop since 2011.

On a work day adjusted measure, year on year output also contracted by 0.5 per cent – much worse than a forecast for 3.3 per cent growth, and down from 6.8 per cent in December.

Chart via Bloomberg

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