Bank of America Merrill Lynch Tracking Recession in Germany

Following Guido’s article about fears of a German economic recession last week, Bank of America Merrill Lynch is now “tracking a recession” in Germany. Recognising the gravity of the situation, they explicitly say: “Are we overreacting? We don’t think so.”

Their German GDP tracker has deteriorated to -0.1% quarter-on-quarter, mean that Germany is heading towards the two consecutive quarters of negative growth defined as a technical recession. BAML point to extremely weak factory orders as well as the gilet jaunes disruptions in France for the continued downturn. Britain on the other hand is the fastest growing European country in the G7…

H/t Ed Conway

Euro News



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Emmanuel Macron comes over all euro-sceptic…

“We ended the day on what we can call a failure. It’s a very bad image we are giving of the Council and Europe, no one can be satisfied with what happened over so many hours. Our credibility is profoundly tainted with these meetings that are too long and lead to nothing, we give an image of Europe that isn’t serious. We cannot hold talks with world leaders, in an ever more violent world, and be a club that meets at 28 without ever deciding anything.”

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