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,...
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...
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,...
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...
Today’s release of GDP data for Germany’s Q4 was decidedly dull and in-line with market expectations....
Continued improvement in Germany’s main business climate indicator– it is the highest it has been since July 2011– would seem to support further increases in the country’s GDP: We take note, however, that the expectations component of the survey fell for the first time since...
Most investors are familiar with the surge in bond yields in Europe’s ’peripheral’ countries....
Contrary to the consensus for a 1.5% y/y gain in December, European retail sales fell (-1.0% y/y) and November’s gain was revised to a more modest 1.3%– the only year-over-year rise since April 2011. Unsurprisingly, yields in Germany fell back to levels previously seen in...
This morning’s release of Germany’s final data confirmed previous estimates for sluggish growth in consumer prices: With the decline in inflation, investors seem to be gravitating more towards government bonds....
Important survey data out of Europe today points to a growing disparity between the region’s two largest economies....
Today’s release of October producer price data by Spain revealed a dip into negative territory: Germany’ producer price data has been fluctuating around zero for much of the year so far, making a more definitive move downward beginning in August: Meanwhile, France and Italy are...
In the wake of recent criticism by the IMF (and even the U.S. Treasury) that it is too reliant on its exports, Germany released its detailed Q3 GDP report today....
In addition to looking at individual companies in the relative strength point-and-figure methodology, we also have the ability to look at aggregates such as the MSCI World country indices.A quick look at the European countries reveals a disparate bunch.Some are in significant downtrends that will...
But is there a silver lining to the company’s lower projected profitability in 3Q? Perhaps....
Today’s disappointing Ifo Business Climate Survey was lead by a general drop in the assessment of the Services Sector and, in particular, a sharp fall in the expectations component:The overall moderation does not, however, appear to bode poorly for the upcoming release of economic output...
