• Export expectations of German companies in June declined clearly (expectations came in at 106.3, down from previous 107.4 and very slightly below median forecast of 106.40)
  • Every drop in oil price is positive impulse for global economy
  • Expect no strong economic impact from planned tax cuts in Germany
  • Expects further interest rate hikes by ECB in July and European Autumn (me too). Digestible for German companies