In March, American homebuilding went down to an almost two-year minimum, suppressed by ongoing weakness in the single-family housing segment, dropping a hint that the housing market kept struggling notwithstanding decreasing mortgage rates…
German investor mood is at multi-year minimum
According to a recent survey, the mood of German investors has dived to its lowest value for almost six years, suppressed by a hard trade dispute with America as well as worries about Italy's true commitment to the euro zone.
As a matter of fact, in June, the ZEW research institute's indicator headed south to -16.1 from -8.2 in May. It turned out to be its lowest outcome since September 2012.
World leaders along with global economic institutions are warning that outrageous protectionist policies pursued US leader Donald Trump, such as the recent introduction of shocking import duties on aluminum and steel, are generating a dark cloud over the global economy.
However, as the EU’s number one exporter to America - a trade relationship, which keeps more than one million German citizens in employment – the German authorities are desperate to avert a trade conflict with the USA.
The fresh escalation in the trade dispute with America as well as worries about policies by the new Italian authorities, which could have the financial system destabilized are definitely putting pressure on the overall outlook for Germany.
At the weekend US leader stunned American allies when he suddenly backed out of a joint communiqué agreed by G7 leaders that pointed to the need for fair, free as well as mutually beneficial trade and also the importance of withstanding protectionism.
Italy’s newly appointed authorities comprise anti-establishment parties, which have pledged to shake up the EU, although its economy minister told that Italy was fully committed to the common currency.
A separate indicator, which traditionally gauges investors' assessment of the German economy's current conditions, went down to about 80.6 in contrast with 87.4 the previous month. By the way, the Reuters consensus forecast accounted for up to 85.0.
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