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In the first half of 2018, Germany managed to reduce its overall public debt by up to 2.3% to about 1.93 trillion euros or $2.27 trillion, thus pushing this stuff to the lowest value since 2011. That’s what data disclosed on Wednesday.
There’s no doubt that sustained economic surge appears to be a long-awaited gift for the German government due to the fact it actually enjoys a budget surplus. Well, the given surplus gives the German authority an excellent opportunity to have public spending raised even without taking another borrowing.
The debt of all state levels, with the federal government, up to the country’s 16 federal states, social security systems, and municipalities headed south by nearly 46.5 bln euros in contrast with January through June year-on-year. That’s what the Federal Statistics Office uncovered.
As a matter of fact, chancellor Angela Merkel's cabinet had debt cut by about 1.7% to the outcome of about 1.22 trillion euros and the 16 federal states reduced debt by approximately 3.6% to nearly 574.5 billion euros. Besides this, debt of the social security systems went down by approximately 7.1% hitting 403 million euros.
The previous week Germany had its debt issue plans trimmed for the fourth quarter by nearly 2 billion euros or $2.34 billion. It’s apparent that the shrinking debt poses a serious challenge for the European Central Bank, which is going to discuss how it’s going to reinvest funds accumulating from government bonds under its asset purchase initiative, which mature in 2019.
Aside from that, market participants are also eager to know whether the EU’s primary financial institution is going to deviate from its current regulations and proceed with its slow buying in Germany, exactly where it’s approaching a self-imposed debt cap.
Commodities (iron ore, oil) and commodity-linked currencies (AUD, CAD) surged. West Texas Intermediate has reached $75 a barrel, while Brent rose to the highest mark since October 2018.
Germany, the leading economy in the Euro Zone, will reveal one of the key economic indicators – German Ifo Business Climate on September 24 at 11:00 MT time.
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…
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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