Oktoberfest's Inventory Payback?

Oktoberfest hangover? Germany makes quite poor in October, as industrial production falls 1.8% month-on-month unexpectedly. Let's get some bearish sense, as James Nixon at Societe Generale comments today:

Sharp declines in both capital goods (down 3.5% mom) and consumer goods (down 1.9% mom) were largely responsible for the fall and the suspicion has to be that, now the auto incentives have finished, the growth momentum is beginning to wane. October's decline is the first fall in three months and the largest fall since April. It is particularly dispiriting to see the growth momentum beginning to stall at a time when industrial production is still some 17% below its peak reached in February 2008 and down 12.4% yoy.

Nice recovering? For a broader insight the comment from BNP Paribas is here.

Add to this "Greek mythology" with downgrade to BBB+ by Fitch, mix it with Dubai's Curaçao, stir it, and markets get offered with X-mas discounts today ...