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…
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