Germany Tag

Spotlight KION Group: Forklifting the Future of Supply Chains

17 Sep, by Knowledge Leaders Team in Knowledge Leaders

Headquartered in Frankfurt, Germany, KION Group is one of the world’s leading makers of forklifts, warehouse equipment, and associated integrated automation technologies. The company was founded in 2006 when Linde AG merged its truck business with STILL and OM under the umbrella of KION Group....

VDAX Set to Rise?

21 Jan, by Knowledge Leaders Team in Markets

In recent history, each time the EUR has fallen relative to the dollar, the implied volatility of the German DAX has risen– sometimes rather sharply....

Beyond the Headline in Germany’s ZEW Survey

18 Nov, by Knowledge Leaders Team in Uncategorized

Today’s release of the ZEW financial market survey for Germany revealed a surprising increase in economic expectations, compared to the consensus for a marginal improvement: chart note:  dark blue = balance red = improve light blue = no change black = worsen Meanwhile, the question...

A Euro On the Move

05 Sep, by Knowledge Leaders Team in Uncategorized

Following the ECB’s June meeting, we noted (here) a curious disparity in the relationship between the EUR/USD exchange rate and the spread between interest rates in Europe versus the U.S.  While the euro had failed to move lower then (as it has in the past),...

A Tick Up In German Credit Default Swaps

24 Jul, by Knowledge Leaders Team in Uncategorized

Given recent drama among Portuguese financial institutions, we are not especially surprised to see an uptick in the yield on credit default swaps (CDSs): What is a little more surprising is the move up–small though it may be (so far, anyway)–in CDS for Germany, aka the...

German And French 10-2 Spread Flattest In The Last 5 Years

21 Jul, by Knowledge Leaders Team in Uncategorized

The front-end of the yield curve has flattened in many bond markets this year. The German and French bond markets closed last week with their 10-year bond yield minus 2-year bond yield spread at it’s smallest level since January 2009. The German spread fell to...

Bund-Treasury Spread Continues to Widen

24 Jun, by Knowledge Leaders Team in Uncategorized

The difference in yield on 10-year U.S. treasuries (grey line) compared to German bunds (blue line) has surpassed recent extremes of 2005/2006 and now exceeds more than 130 bps– a level not seen since 1999, the year the euro was born....

Is European Industrial Machinery Headed for a Breakdown?

07 May, by Knowledge Leaders Team in Uncategorized

The volume of new orders received by German industrial firms unexpectedly fell in March, according to data released today: In contrast to expectations for a slight rise (+0.3% m/m), the -2.8% m/m decline was led by a steep decline in export orders and, in particular,...

10Y Treasury-Bund Spread at Highest Levels of Last Decade

11 Apr, by Knowledge Leaders Team in Uncategorized

As central bank policies in the U.S. and Europe appear to be headed in very different directions, bond markets have taken note.  Not since June 2006 has the spread between 10-year government bonds in the U.S. and Germany been so extreme.  While yields have fallen...

Expectations Take a Dive

25 Mar, by Knowledge Leaders Team in Uncategorized

While the Ifo business climate appears to be hanging in there, the expectations component (light blue line)– for trade and industry as well as services– fell back quite a bit in March (not unlike the results of the ZEW Survey published last week): By sector,...

Few Bright Spots in the German ZEW Survey

18 Mar, by Knowledge Leaders Team in Uncategorized

The economic outlook in Germany weakened for the third month in a row, according to the latest ZEW survey: Anticipation of stock market gains has fallen steadily since last September: The expectation for improvement in profits (red line) fell in a number of industries in...