Europe Data Response German Industrial Production (Oct.) Germany’s manufacturing output rose again in October and the signs are that it held up well after the lockdown-lite came into force in November. It now looks as if Germany will be the only major euro... 7th December 2020 · 2 mins read
Europe Data Response German Ifo Survey (Nov) & Q3 GDP (Second estimate) The small decline in the Ifo Business Climate Index for November confirms that the German economy is losing momentum but also that it is holding up much better than many other countries. We suspect... 24th November 2020 · 2 mins read
Europe Commercial Property Update Second wave confirms downturn for German offices German occupier demand has slumped in the pandemic, though rents have generally held steady so far this year. But with demand likely to remain weak and an overhang of supply in some markets, declines... 6th November 2020 · 3 mins read
Europe Data Response German Industrial Production (Sep.) Germany’s manufacturing sector should be able to continue its recovery in the fourth quarter, even as much of the hospitality sector is closed down again. 6th November 2020 · 2 mins read
Europe Economics Update What to make of the new Franco-German lockdowns We think the one-month national “lockdowns” will result in GDP contracting by around 2.5% q/q in France in Q4 while in Germany GDP will be flat at best. There is obviously a big risk that the... 29th October 2020 · 3 mins read
Europe Data Response German Ifo Survey (Oct.) The small decline in the Ifo Business Climate Index provides more evidence that Germany’s recovery is running out of steam. We expect GDP to increase slightly in the fourth quarter thanks to the... 26th October 2020 · 2 mins read
Europe Commercial Property Update Will German ecommerce accelerate post-COVID-19? Recent data provide an indication that the virus outbreak will likely result in a faster online transition in Germany. The impact on instore demand will add to the pressures already facing retailers... 23rd October 2020 · 3 mins read
Global Markets Update We doubt the 10-year Bund yield will fall further We are sticking to our forecast that the 10-year German government bond (Bund) yield will end this year at around -0.50%, even though it has recently fallen through this level following a renewed... 22nd October 2020 · 4 mins read
Europe Data Response German Industrial Production (Aug.) The small fall in German industrial production in August left it a long way below its pre-crisis level, and lagging the industrial rebounds elsewhere in the euro-zone. We think the sector will resume... 7th October 2020 · 2 mins read
Europe Data Response German Ifo Survey (Sep.) The very small increase in the Ifo Business Climate Index for September is further evidence that the recovery has run out of steam. Germany’s export-oriented manufacturing sector is still expanding... 24th September 2020 · 2 mins read
Europe Data Response German Industrial Production (July) German industry eked out a meagre increase in production in July, leaving output still well below its pre-crisis level. Production is likely to have increased again in August, but we now seem to be... 7th September 2020 · 2 mins read
Europe Data Response German GDP Q2 2020 (2nd Est.) & Ifo Survey (Aug.) The second estimate of Q2 German GDP confirms that all elements of domestic demand except government spending fell sharply. A big rebound in Q3 is already baked in the cake, but survey evidence... 25th August 2020 · 2 mins read
Europe Data Response German Industrial Production (June) Despite another substantial increase in June, driven by the auto sector, industrial output in Germany remained well below its pre-crisis level. The recovery should continue in the coming months, but... 7th August 2020 · 2 mins read
Europe Data Response German GDP (Q2 2020) The double-digit fall in quarterly GDP confirms that the coronavirus crisis delivered a huge blow to the Germany economy. Monthly and high frequency data show that activity bounced back since April... 30th July 2020 · 3 mins read
Europe Data Response German Ifo Survey (Jul.) The message from the Ifo Business Climate Index chimes with that from the PMIs published last week and suggests that the rebound in the German economy continued at a steady pace in July. 27th July 2020 · 2 mins read
Europe Data Response German Industrial Production (May) May’s increase in German industrial production left it still well below pre-crisis levels. But with retail sales rising more rapidly, overall economic activity is picking up a little more quickly than... 7th July 2020 · 2 mins read
