German industrial data point to broad-based strength in the first two months of the second quarter, despite the jump in energy prices due to the Iran war, Pantheon Macroeconomics' Claus Vistesen says in a note. Industrial production climbed 0.9% on month in May, after a 0.2% increase in April. That puts German manufacturing on track for a decent second quarter, and signals upside risk to GDP growth, he says. Survey data has softened in recent months, with the manufacturing PMI and the IFO recent production index subdued in May and June. "But we still think that production rose over the second quarter as a whole," Vistesen says. (edward.frankl@wsj.com)