Industrial production (August) Flash estimate: -8.1% y/y Consensus: -12.5% y/y Industrial figures positively surprised this time. While annual fall significantly eased, monthly change (not reported) is likely to be positive. Its definitively a positive sign, moreover PMI is approximating 50 points threshold (new orders index actually surpassed this level). Fresh PMI data should be released within minutes. The way up, however, can face some obstacles. Scrappage subsidies exhausted demand for cars for several months and demand in the Euro zone (see today’s retail sales in Germany) and CEE remains weak.