Rolling coverage of the latest economic and financial news, as Germany’s manufacturers struggle again
- German factory orders slumped 1.6% in December
- Order books were 7% lower than 12 months ago
- Economy ministry: Industry is in a weak patch
- Deutsche Bank: Recession is coming
European stock markets have opened in the red, after this morning’s woeful German factory orders.
In Frankfurt, the DAX index of Germany’s top companies has lost 0.3%, with Daimler down almost 2% and Deutsche Bank down 1.5%.
Unfortunately the fire which started yesterday morning in a corner of the ambient grid was not contained as we believed, and last night expanded.
Whilst we are informed by the Fire Brigade that it is now under control, during the night part of the roof collapsed and there has been substantial damage to the majority of the building and its contents.
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Today’s grim factory orders data come just hours after Deutsche Bank warned that Germany is probably heading for recession.
In a new report, Deutsche economists wrote:
“The start of the German economy into 2019 has been a major disappointment so far.
“The development of several key cyclical indicators is telling us that the German economy is drifting towards recession right now.”
Deutsche Bank Says German Economy Is Drifting Toward Recession https://t.co/XVXggfXLrx