German July retail sales weaker than expected
Have come in -0.3% m/m, +0.8% y/y, demonstrably weaker than median forecasts of +0.5%, +1.4% respectively.
German August s.a jobless total -17,000
Pretty much in line with median forecast of -20k. Unemployment rate 7.6%, unchanged from July and as expected.
German Ifo institute business climate index 106.7
Better than median forecast of 105.7.
EUR/USD has spiked higher, presently at 1.2720. Earlier had been receiving reports of sell orders at 1.2720/30.
Ifo’s Abberger:
- Growth rates in 2010 first half can not be sustained but no cooling in second half
- Germany will be affected in 2011 if US, Asia slip into recession
- Germany will have slight growth in consumption for full year 2010
- Possible risks for German growth are mainly from abroad
- No reason for any changes in interest rate policies at moment
German GDP Q2 (final) +2.2% q/q, +4.1% y/y
No change from previous estimate and as expected.
EUR/USD steady in early European trade, presently at 1.2635. Earlier Sean reported buy orders, including sovereign interest, lying down at 1.2600/15.
Germany propels growth in Euro Zone
Exports help bloc notch 3.9% expansion pace, but economists say rise is unsustainable. WSJ article.
German EconMin: Industry output made important contribution to Q2 economic growth
- Improved orders situation means industry should continue to drive recovery in coming months
Don’t panic!!!
German June industry output weaker than expected
Infact quite a bit weaker; -0.6% m/m compared to median forecast of +0.7%
EUR/USD hits session low 1.3166.
French July final manufacturing PMI 53.9
From flash 53.7.
German July final manufacturing PMI 61.2, unchanged from flash estimate.
Germany’s Merkel: Economic recovery is strong
- Confidence in banking sector must be created through stress tests
- Labour market situation is better now than before the crisis
- Budget consolidation will be carried out as planned
I like Angela.
German Q2 growth in GDP likely “significantly stronger” than Q1 GDP growth – FinMin monthly report
- Recovery likely to strengthen in second half of 2010
- Outlook for further rise in German exports good
- Positive development in industrial demand points to continuing upward trend in output in months ahead
- Private consumption likely remained weak in Q2, but to pick up in course of year
- Labour market unlikely to deteriorate now given improvement in economic indicators
- Consumer prices to develop “calmly” over course of year

AUTOREFRESH 






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