Economic growth fell into negative territory in Germany for the first time since late 2021. Behind the decline are a drop in government spending and a drop in household spending as high inflation weighs on consumers. However, investment increased, led by construction.
The culprit is the key manufacturing sector, where a deepening slump casts doubt on the recovery many expect in the coming quarters.
Weaker data on the one hand is positive for the fight against inflation and despite the initial negative reaction of the Euro, we may see a short correction intraday or at least before the US GDP.
Germany’s DAX is also trying to move higher, but there isn’t a particularly good fundamental reason for this to happen. We will probably see a short correction there as well, because of yesterday’s selloff, but the data are negative for the European markets.
Actual – -0.2%
Forecast – 0.2%
Previous – 0.3%
Dealer Anatoliy PavlovVarchev Absolute Trader
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