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In May, German exports managed to ascend more than imports, thus extending the trade surplus, according to Monday’s data. That’s another indication that the EU’s leading economy is still in a good shape notwithstanding trade tensions with America.
On the month, seasonally updated exports went up by about 1.8%, according to data from the Federal Statistics. As for imports, they surged by 0.7%.
A Reuters survey had showed that exports soared by 0.75% as well as imports diving by 0.3%.
The recent weakening of the common currency should generate some relief in the nearer months. It would more than compensate current American duties on European steel and aluminum.
The previous week, finance minister Scholz issued a warning that Donald Trump's intention to put duties on products imported from the European Union and China, would damage everybody.
The previous month US leader threatened to put a 20% import duty on all EU-assembled cars, which could turn the industry’s current business model for selling vehicles in America upside down.
Besides this, US leader hit Canada, Mexico and the European Union with duties of 25% on steel and also 10% on aluminum in June, thus ending exemptions, which had been in place since March. In turn, Canada and the EU repelled this attack with their own tariffs on American products.
China has also hit American products with tariffs responding to Trump's intention to put tariffs on China’s imports, frightening German producers who are used to relying on the world's two leading economies for surge.
In May, the German seasonally updated trade surplus extended to 20.3 billion euros from April’s outcome of 19.0 billion euros. The given outcome topped the Reuters consensus estimate of about 20.0 billion euros.
Additionally, Germany's wider current account surplus, gauging the flow of services, investments, and products dived to 12.6 billion euros from April’s 23.5 billion euros.
The Kansas City Federal Reserve announced Friday the annual Jackson Hole symposium will be held virtually, a reversal from prior plans that saw a modified, in-person program…
Let's see how the stock price of these four companies reacted to their earnings reports released this week.
US Advance quarterly GDP is announced on April 29 at 15:30 MT time.
The US dollar is heading to close the seventh day in the red as it remains under selling pressure. The US data at 15:30 GMT+3 (jobless claims and Philly Fed Manufacturing Index) may support the greenback if it's strong.
Canada will publish the Retail Sales and Core Retail Sales on October 22, at 15:30 MT time (GMT+3).
The United States will release the weekly Unemployment Claims on October 21, at 15:30 MT time (GMT+3).
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