Global autos output shrank by 1.5% y/y in August on slower output growth in China and a markedly weaker outturn in Europe, according to data from LMC Automotive.However, we expect this to have been related to one-off seasonal effects and forecast growth to return, leaving the year up 3.4% heading into 2015.Europe was the worst performing region in August, with the East suffering heavily as the conflict in Ukraine caused output in Russia to fall by over a quarter.
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