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France's Insee reported a 2.1% drop in industrial production in May, compared with April figures, while economists polled by Reuters on average expected a decrease of 0.5%. Germany also recorded a steeper-than-expected 2.5% decline in industrial output for May compared to the previous month. The timing of public holidays "may have amplified reductions in activity" over the month, as production fell in almost all major industrial branches, INSEE said in its press release.