Archive

Germany IFO 91.3 (consensus 93.0) in Jul-23

- Germany IFO fell to 91.3 in July 2023, missing market expectations and hitting its lowest level since February 2021.
- The index is 3.16 points below the one-year average and 5.40 points below the long-run average, indicating a prolonged downturn in business confidence.

Germany PMI manufacturing 38.8 (consensus 41.0) in Jul-23

- Germany's PMI manufacturing recorded an even more substantial decline in July 2023, with a reading of 38.8, contrary to the consensus of 41.0.
- The decline in PMI manufacturing is a cause for concern and may be influenced by factors such as supply chain disruptions and weakening demand.

Germany PMI services 52.0 (consensus 53.1) in Jul-23

- Germany's PMI for services dropped by 2.1 points to 52.0 in July 2023, the lowest level since February 2023, indicating surprising weakness in the sector (consensus 53.1).
- Despite the decline, the PMI remains above its one-year average, suggesting some relative resilience in the services sector.

Germany: Baerbock in A China Stop?

• Germany’s long-awaited China strategy, launched last week, talks tough. But Foreign Minister Annalena Baerbock looks likely to be outgunned on its implementation by a combination of more cautious cabinet colleagues and German corporate leaders overestimating their leverage in China.

By Alastair Newton