Despite surging energy prices from the Middle East conflict, German industrial production is proving resilient, ING's Carsten Brzeski says in a note. Industrial output rose 0.9% on month in May, from 0.2% in April. Some sectors seem to have benefited from the war, as Asian competitors were hit harder by the closure of the Strait of Hormuz, Brzeski says. Automotive production rose 3.6% on month, the data shows. The opening of the Strait, as well as easing geopolitical tensions, should help the German economy and move past recession fears, he says. "However, it won't be a huge boost but rather a mild tailwind. Despite some improvement, production expectations in industry remain weak, and order books are only very gradually filling up again." (edward.frankl@wsj.com)