Banca March: Yesterday confirmed the entry into recession of the German economy in 2023. Germany’s GDP fell by 0.3% for the year as a whole, after +1.8% in 2022, hurt by high inflation, rising interest rates and high energy costs. We highlight the negative performance of industry, down 2%, despite the positive contribution of the automotive sector and the manufacture of other transport equipment. There was also minimal growth in…

Bankinter: Industrial Production in November was worse than expected: -4.8% year-on-year versus -4.0% expected and -3.4% previously (revised from -3.5%). In monthly data: -0.7% month-on-month against +0.3% expected and -0.3% previously (revised from -0.4%). Bankinter assessment: Weak data. This is the sixth consecutive decline of the indicator in annual rate and reflects that the weakness of the manufacturing sector is still present. The slowdown in demand in a context of…

Link Securities | As released yesterday by the German Federal Employment Agency, Germany’s seasonally adjusted unemployment rate rose to 5.9% in December from a revised 5.8% in November, bringing the reading in line with the FactSet consensus of analysts. December’s is the highest unemployment rate since May 2021. The number of unemployed rose by 5,000 from November to 2.703 million in December, making it the eleventh consecutive month of rising…

Banca March : Germany opts to tighten its belt. The German country has managed to agree on significant budget cuts of €17 billion in the wake of the funding gap, as the transfer of unused pandemic funds for climate purposes has been declared illegal. Thus, adjustments will be made in construction subsidies, transport spending, as well as in green energy and industry support. Climate funds will reduce spending by €12…

CdM| German investor confidence improved again in December, according to the Leibniz Centre for European Economic Research (ZEW) indicator, which rose to 12.8 points from 9.8 in the previous month, its best reading since last March in view of the medium-term expectation of a change in monetary policy by the European Central Bank (ECB). German investors’ assessment of Germany’s current economic situation also improved in December, with the corresponding indicator…

Bankinter: 3Q 2023 GDP (final) is revised down one tenth of a percentage point (year-on-year) with respect to the preliminary figure, unchanged quarter-on-quarter. 0.4% (year-on-year) versus -0.3% preliminary and versus +0.0% previously. In the quarter-on-quarter comparison, -0.1% same as preliminary and against +0.1% previously. Assessment: In year-on-year terms GDP is revised down by one tenth of a percentage point. This means a return to negative year-on-year growth rates after +0.0%…

Bankinter : Industrial Production falls more than expected in September and remains in negative territory for the fifth consecutive month. Industrial Production (September) falls -1.4% m/m against -0.1% expected and -0.1% previous (revised from -0.2%). By items: Manufacturing & Mining -1.7%; Intermediate Goods -1.9%; Capital Goods -0.2%; Consumer Goods (-4.9%); Energy -1.7%; Construction 0%. Assessment: Again, another bad Industrial Production reading, one that will once again fuel fears of a…